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Venezuela is the rumored new source.  I am not sure of India's refineries cracking capabilities in terms of heavy crude

India has very significant refining capability for heavy crude. Their non-aligned posture made them an ideal location to take crude that nobody else wanted (sometimes from dodgy sources) and turn it into finished petroleum products that could be sold to anyone at a handsome profit. Previously they were "laundering" Russian oil that was "light" crude in the main, but they are equally able to "launder" Venezuelan heavy crude extracted from Venezuela by US pressure. It is just a new form of fracking :-). Of course this assumes the price is right.

thank you for the continuing education.

[slide]

Venezuela is the rumored new source.  I am not sure of India's refineries cracking capabilities in terms of heavy crude

India has very significant refining capability for heavy crude. Their non-aligned posture made them an ideal location to take crude that nobody else wanted (sometimes from dodgy sources) and turn it into finished petroleum products that could be sold to anyone at a handsome profit. Previously they were "laundering" Russian oil that was "light" crude in the main, but they are equally able to "launder" Venezuelan heavy crude extracted from Venezuela by US pressure. It is just a new form of fracking :-). Of course this assumes the price is right.

thank you for the continuing education.