India Eyes Venezuelan Crude: Diversifying Supplies Amid Russian Oil Scrutiny
Economy
M
Moneycontrol•09-01-2026, 15:34
India Eyes Venezuelan Crude: Diversifying Supplies Amid Russian Oil Scrutiny
- •India could resume large-scale Venezuelan crude purchases (100,000-150,000 bpd) if US sanctions are lifted, offering supply diversification.
- •Potential stabilization of Venezuela's oil sector, holding the largest reserves, could benefit India's energy security in the medium to long term.
- •Venezuelan heavy crude is ideal for complex refineries like Reliance's Jamnagar, which can process it into high-value fuels.
- •Resumed access to Venezuelan crude would improve feedstock optionality, procurement flexibility, and India's negotiating leverage with other suppliers.
- •ONGC Videsh Ltd (OVL) holds stakes in Venezuelan oil fields, and a stabilized environment could enable redevelopment and recovery of stranded assets.
Why It Matters: India could significantly diversify its oil imports with Venezuelan crude if US sanctions are lifted, benefiting complex refineries.
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