Syllabus: GS-III
Subject: Economy
Topic: Trade and External sector
Issue: Venezuela Oil Imports.
Context: India became the top buyer of Venezuelan crude oil in December 2023 and January 2024 after a three-year break.
Synopsis:
- Venezuela was one of the major crude oil supplier for India.
- This changed when the United States of America imposed sanctions on Venezuela.
- Since then till recently Venezuela’s crude oil to India reduced.
- The US eased sanctions on Venezuela’s oil sector in October 2023 for six months.
- Venezuela offers discounts, benefiting Indian refiners amid volatile oil markets.
Data Point:
- World’s largest known oil reserves from highest to low are –
- Saudi Arabia
- Venezuela
- Canada
- Iran
- Iraq
