Two powerful earthquakes measuring 7.2 and 7.5 struck Venezuela within seconds, killing at least 164 people and injuring hundreds.
The US Geological Survey warned the toll could rise into the tens of thousands.
India, which recently increased Venezuelan crude imports to over one million metric tonnes per month, faces potential supply disruptions. Analysts said even without direct damage to oil facilities, port closures, shipping delays, and higher insurance premiums could affect crude flows and raise costs.
Experts highlighted that Venezuela’s growing share in India’s energy mix makes the situation more critical. A prolonged disruption could tighten global crude markets, increase prices, and fuel inflationary pressures in India. While short-term retail fuel prices may remain stable, state oil firms could eventually adjust pump rates or absorb higher costs.
Kunal Khanna of EDME Insurance Brokers noted that India’s diversification strategy shifted risks rather than eliminated them. Marine insurance policies for Venezuelan shipments were priced for political and sanctions risks, not natural disasters, adding new uncertainty. ONGC Videsh’s stakes in Venezuelan oil projects also face operational and financial risks.
The quake’s epicentres near Morón devastated residential areas and damaged transport links. La Guaira port remains under a disaster declaration. Maracaibo’s oil hub and refineries reported no immediate damage, but extended power outages threaten crude output and export schedules. Past disasters show that logistical bottlenecks can slow exports even without direct hits to facilities.
