US hold on oil may help India recover $1 billion dues
NEW DELHI: A US-led takeover or restructuring of Venezuela’s oil sector could deliver a benefit to India, potentially unlocking close to $1 billion in dues while accelerating the revival of crude production from fields it operates in the sanctions-hit Latin American country, analysts and industry sources said.
India was once a major processor of Venezuelan heavy crude, importing more than 400,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks forcibly shut down purchases in 2020.
