The economic think-tank Global Trade Research Initiative (GTRI) believes that the impact on the Indian economy from the US-Venezuela conflict will be negligible. "India faces negligible impact, as trade with Venezuela has collapsed under sanctions, with crude imports down 81.3 per cent in FY2025 and overall bilateral trade remaining marginal," GTRI founder Ajay Srivastava told PTI. India-Venezuela trade history In the 2000s and 2010s, India imported vast amounts of crude oil from Venezuela, more than 400,000 barrels every day at the peak of this trade. Of this, $255.3 million was for crude oil, which is 81.3% less than $1.4 billion in crude imports in fiscal year 2024. Moreover, crude production in Venezuelan oil fields where India has a stake could be revived under US leadership.

Source: Mint January 05, 2026 02:30 UTC