India has historically processed a significant volume of Venezuelan crude, which is heavy in nature. During the protracted trade negotiation with the US, India is understood to have pleaded with America to partially lift sanctions to purchase Venezuelan oil, as a trade-off against cutting down on Russian oil buy. The US invasion of Venezuela comes at a time when India is actively diversifying its crude basket, amidst the Indo-US trade negotiations. “If sanctions on Venezuela are eased, Venezuelan crude could offer additional flexibility to Indian refiners and help ease supply concentration risk,” he noted. India’s exports to Venezuela were modest at $95.3 million, led by pharmaceuticals worth $41.4 million, think tank GTRI noted.

Source: The Telegraph January 05, 2026 02:57 UTC