Venezuela crisis could unlock nearly $1 billion for India as US tightens grip on oil sector: Report

A US-led restructuring of Venezuela’s oil sector could help India recover nearly USD 1 billion in unpaid dues and boost crude output from Indian-operated fields. Easing US sanctions may allow Indian companies like ONGC Videsh to resume operations and expand their presence in Venezuela. Restored Venezuelan crude exports would provide India with a strategic alternative to Middle Eastern oil, enhancing its energy security and bargaining power.