US Venezuela Intervention: India's Oil Imports Unlikely to See Near-Term Impact, Says Official
Business
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Moneycontrol•05-01-2026, 18:03
US Venezuela Intervention: India's Oil Imports Unlikely to See Near-Term Impact, Says Official
- •US intervention in Venezuela is unlikely to materially affect India’s crude import strategy in the near term (1-3 years), according to officials and analysts.
- •Venezuela's crude oil share in India's import basket is marginal, only 0.6% in 2025, down from 12.4% in 2013 due to US sanctions.
- •Venezuelan crude is heavy and extra-heavy, difficult to refine, with only a few Indian refineries like Reliance Jamnagar capable of processing it on a sustained basis.
- •Any future impact depends on US sanctions policy and Venezuela's slow production recovery, as infrastructure needs significant rebuilding.
- •ONGC Videsh Ltd (OVL) could revive output at San Cristobal if sanctions are lifted, but overall benefits for India would be gradual.
Why It Matters: India's oil imports from Venezuela face no immediate change despite US intervention due to low share and refining challenges.
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