India emerges as the top buyer of Venezuelan crude oil in December, and January

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.


  • 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 –
    1. Saudi Arabia
    2. Venezuela
    3. Canada
    4. Iran
    5. Iraq
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