India is set to receive over 12 MILLION barrels of Venezuelan oil in April, the highest monthly volume since February 2020, according to Kpler data.

This comes as India imports ~90% of its crude, with nearly 40% typically transiting the Strait of Hormuz, now largely shut due to the Iran war.

Meanwhile, Venezuelan crude produces higher proportions of diesel and jet fuel, exactly the products facing the tightest supply globally right now.

The trade was previously blocked by US sanctions, which were eased after the capture of President Maduro in January.

The Iran war is reshaping global oil trade routes in real time...