After Russia, this country became India’s support, it will help in reducing the crude oil bill.

There is good news for India amid rising crude oil prices. For the last one and a half years, India was getting a lot of help from Russia and the availability of cheap oil at a discount was helping to keep the import bill low. Now another source of cheap crude oil is being developed for India.

This country has the largest reserves.

After Russia, India can now get cheap crude oil from Venezuela. Its path has been opened by the latest change in the policies of the United States, whose economic sanctions have prevented Venezuela from selling its crude oil. Let us tell you that according to the oil reserves discovered so far, Venezuela has the largest oil reserves in the world.

The US has eased economic sanctions.

However, despite having the largest oil reserves, Venezuela’s situation is not good. Venezuela is among the countries where inflation is currently the highest in the world. The country has gone through a long period of political instability due to a deteriorating economy. Venezuela’s economic crisis was blamed on sanctions imposed by the United States, which prevented Venezuela from selling its crude oil. Now that the US has liberalized its policies, the way is open for Venezuela to re-enter the international market.

India is the third largest importer.

Two weeks ago, India gave a clear indication that it has no objection to buying crude oil from Venezuela. India is an import dependent country for crude oil. India has to buy more than 80% of its crude oil from other countries to meet its energy needs. This is why India is the third largest importer of crude oil in the world.

You can get so many discounts.

After Russia’s attack on Ukraine last year, the United States and allied countries imposed several economic sanctions on Russia. Russia then started offering crude oil at a discount. Since then, India has been continuously buying cheap crude oil from Russia. News suggests that Venezuelan crude may be cheaper for India. It is said that Venezuela may offer an additional 10 percent discount compared to Russia.

Indian companies started working.

This clearly means that India could further reduce its crude oil import bill in the coming months. Indian refiners have already started the process of buying crude oil from Venezuela. These days, this has led to increased activity in the luxury hotels of Caracas, the capital of Venezuela. A large number of visitors are executives from Indian oil companies.

Also Read: Leave In 2024 Only For Central Employees Check Full List Of Next Year Leave Here

Leave a Comment