15 janv. 2026
US sanctions had almost wiped out the India–Venezuela oil trade between 2021 and 2023.
Russia’s Urals grade oil fits easily into most Indian refineries, but as it becomes harder to access, India is eyeing Venezuela’s 303 billion barrels of crude oil reserves, the largest in the world, as a backup.
Venezuelan crude oil is extremely heavy, sulphur-rich and costly to refine. Less than five Indian refineries, such as Reliance’s Jamnagar and HPCL Vishakhapatnam, can process it efficiently.
The discounted price of Venezuelan oil at USD 8–8.5 per barrel is attractive, but higher processing costs, shipping risks and inconsistent supply dilute the benefit. US sanctions have repeatedly disrupted Venezuela’s exports, and the country’s production has collapsed from 3.5 million to under 1 million barrels per day.
Even with eased sanctions, India could access only small volumes. Venezuelan crude can diversify supply and help keep global oil prices around USD 60-65, but it cannot replace Russia’s scale, stability or refinery compatibility.
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