New Delhi: India may increase oil imports from Brazil and Mexico to offset the loss of Venezuelan oil in the wake of US sanctions on that country.
Venezuela is the fourth largest oil supplier to India after Saudi Arabia, Iraq and Iran. It accounted for about 11 per cent of India’s oil supplies in 2017-18, supplying close to 18 million tonnes (mt). But the oil imports from Venezuela have come under threat following the US sanctions, forcing Indian companies to scout for alternate markets.
Diplomatic sources said both Brazil and Mexico have expressed their desire to strengthen energy sector cooperation and India is evaluating the option and will take a call once it gets reports from its public and private sector oil marketing firms.
