India reaffirmed it remains open to sourcing crude oil from Venezuela and other regions based on commercial viability. MEA spokesperson Randhir Jaiswal highlighted Venezuela as a long-standing energy partner, noting India's pragmatic, market-driven approach to securing crude supplies.
India's crude oil import bill could decline by up to USD 3 billion annually if the country shifts a portion of its crude sourcing from Russia to Venezuelan heavy crude, according to a new report by State Bank of India (SBI) Research.
Chairman of Indian Oil Corporation Ltd (IOCL), A S Sahney, said that Indian refineries are "robust" and can process Venezuelan crude if it becomes available.
Speaking with ANI, Sachdev noted Indian refineries, like Reliance's Jamnagar, can process Venezuelan crude, making it a viable option for India if prices are right.
he United States on Wednesday announced a major energy initiative with Venezuela following its military operations last week, rolling back select sanctions to market Venezuelan crude oil globally while stabilising the South American nation's energy sector.