Will US control of Venezuelan oil benefit India? — Here’s how it may unlock $1 billion stuck dues for New Delhi
A US-led takeover or restructuring of Venezuela’s oil sector could deliver a direct benefit to India, potentially unlocking close to USD 1 billion in long-pending dues while accelerating the revival of crude production from fields it operates in the sanctions-hit Latin American nation, analysts and industry sources said.
India was once a major processor of Venezuelan heavy crude, importing more than 4,00,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks forcibly shut down purchases in 2020.
