Venezuela Crisis Unlikely to Affect India’s Oil Prices; India Cuts Russian Fossil Fuel Imports

Recent US military action in Venezuela, including the capture of President Nicolás Maduro, has raised concerns about global oil markets. However, Crisil Ratings and multiple sources report that Venezuela's limited share of about 1.5% in global crude supply and minimal trade ties with India—where Venezuelan oil accounts for roughly 1% of imports—make significant near-term impacts on India's oil prices or trade unlikely. Meanwhile, India has reduced its Russian fossil fuel imports, falling to third place among buyers amid sanctions, while global traders prepare to market Venezuelan oil under US oversight, potentially affecting future supply dynamics.