India Weighs Venezuelan Oil Amid Shifting Global Supply and Russian Reliance

India is evaluating its oil import strategy, considering potential benefits from Venezuela as US sanctions ease and crude assets become accessible. This comes as India, a major oil consumer heavily reliant on imports, has significantly increased its reliance on Russian oil since 2022 due to steep discounts, now accounting for about 35% of its supply. The potential return of Venezuelan crude to the market offers India an alternative, prompting a comparison of costs, risks, and benefits against its current primary sources like Russia, Iraq, and Saudi Arabia.