Global discussions are intensifying regarding political and geo-economic changes in Venezuela. According to reports and the Global Trade Research Initiative, if the balance of power there changes and US sanctions are eased, the overall impact on India may be limited, as the current trade between the two countries is very low. However, in the period 2000–2010, India used to import crude oil from Venezuela on a large scale. ONGC Videsh, IOC and Oil India had also invested in Orinoco Belt, but after 2019 this business almost stopped due to US sanctions. In today’s situation, Reliance Industries can get the most benefit. The Jamnagar refinery can process heavier Venezuelan crude, which is cheaper. Margins and profits can increase if imports become easier, signs of which are visible in the market.
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