Two powerful earthquakes struck Venezuela on 24 June. Moreover, magnitudes reached 7.2 and 7.5 within seconds. Consequently, destruction spread across multiple regions. Additionally, thousands faced injuries and hundreds lost lives.
India faces renewed crude oil uncertainty
Experts warn India may face crude supply pressure. Furthermore, shipping delays and port disruptions may increase import costs. In addition, insurance expenses for cargo may rise sharply. Hence, energy imports could become more expensive.
Venezuela emerges as key oil supplier for India
India recently increased crude purchases from Venezuela. Moreover, refineries selected it as an alternative source during Middle East uncertainty. Consequently, Venezuela became a major supplier for Indian imports. Therefore, its disruption now directly impacts India.
Infrastructure risks threaten entire supply chain
Experts highlight risks beyond refinery damage. Additionally, power failures and transport breakdowns may halt operations. Furthermore, port restrictions can delay shipments for weeks. As a result, supply chains face extended instability.
Shipping and insurance costs under pressure
Delays may force vessels to wait longer at ports. Moreover, rerouted shipping increases demurrage charges significantly. Consequently, companies and insurers face rising financial burden. Thus, operational costs escalate across the sector.
India’s investments and future strategy at stake
ONGC Videsh holds investments in Venezuelan oil projects. Therefore, prolonged disruption may affect India’s economic interests. Additionally, future bilateral energy plans may face delays. Hence, India monitors developments closely.
