Greater Noida: As India Energy Week 2026 opens in Goa against the backdrop of global energy realignments, industry experts point to a decisive phase for India’s oil and gas strategy shaped by disrupted crude trade flows,
refining expansion, and the growing role of gas and low-carbon fuels.
With Russian crude imports down sharply following sanctions-related disruptions and Middle Eastern grades filling much of the gap, India’s system is navigating a more complex sourcing environment, even as Venezuelan crude re-emerges as a potential, though economically challenging, option contingent on sanctions, U.S. demand, and production recovery. At the same time, steady growth in city gas consumption, recalibration of LNG procurement strategies, and rapid progress across refining, biofuels, green hydrogen, and renewables underscore how India is balancing near-term energy security with long-term transition priorities, reflecting the central theme of ‘Energising Growth, Securing Economies, Enriching Lives’ at this year’s event.
Talking about the possible impact of Venezuelan oil situation on India, Premasish Das, Head of Oil Markets and Downstream Research – Asia, Middle East, Africa, and Eurasia, S&P Global Energy said, “Trade patterns are already shifting. China has been the main buyer in recent years, but that may not hold in 2026. With the U.S. showing interest in processing more Venezuelan barrels and sanctions potentially easing, the discounts that made these crudes attractive to Chinese teapots are likely to narrow. Once the barrels start pricing closer to fair value, the teapots will be far less interested, simply because they are very price-sensitive. Even without India in the picture, I’d expect exports of Venezuelan crude to China to soften. Some barrels will still go there for loan-repayment reasons, but the commercial pull from Chinese independents will weaken as discounts disappear.”
As India Energy Week 2026 opens in Goa against the backdrop of global energy realignments, industry experts point to a decisive phase for India’s oil and gas strategy shaped by disrupted crude trade flows, refining expansion,
and the growing role of gas and low-carbon fuels.
With Russian crude imports down sharply following sanctions-related disruptions and Middle Eastern grades filling much of the gap, India’s system is navigating a more complex sourcing environment, even as Venezuelan crude re-emerges as a potential, though economically challenging, option contingent on sanctions, U.S. demand, and production recovery. At the same time, steady growth in city gas consumption, recalibration of LNG procurement strategies, and rapid progress across refining, biofuels, green hydrogen, and renewables underscore how India is balancing near-term energy security with long-term transition priorities, reflecting the central theme of ‘Energising Growth, Securing Economies, Enriching Lives’ at this year’s event.
Talking about the possible impact of Venezuelan oil situation on India, Premasish Das, Head of Oil Markets and Downstream Research – Asia, Middle East, Africa, and Eurasia, S&P Global Energy said, “Trade patterns are already shifting. China has been the main buyer in recent years, but that may not hold in 2026. With the U.S. showing interest in processing more Venezuelan barrels and sanctions potentially easing, the discounts that made these crudes attractive to Chinese teapots are likely to narrow. Once the barrels start pricing closer to fair value, the teapots will be far less interested, simply because they are very price-sensitive. Even without India in the picture, I’d expect exports of Venezuelan crude to China to soften. Some barrels will still go there for loan-repayment reasons, but the commercial pull from Chinese independents will weaken as discounts disappear.”
