Trending:US-Venezuela tensionsNicolas MaduroBCB vs BCCIIran protests2026 predictionsAngelina Jolie in RafahVenezuela crisis could unlock nearly $1 billion for India as US tightens grip on oil sector: ReportFP News Desk • January 4, 2026, 20:21:56 ISTWhatsapp Facebook TwitterA possible US-led overhaul of Venezuela’s oil sector could offer India a major financial and strategic opportunity, with analysts saying it may help recover nearly USD 1 billion in long-pending dues and revive crude production from fields operated by Indian companies. AdvertisementSubscribe Join Us+ Follow us On GoogleChoose Firstpost on GoogleVenezuelan government supporters hold photographs of Venezuela's late President Hugo Chavez and President Nicolas Maduro, after Donald Trump said the US has struck Venezuela and captured Maduro, in Caracas, on January 3. ReutersA US-led takeover or restructuring of Venezuela’s oil sector could bring significant financial and strategic gains for India, potentially helping the country recover nearly USD 1 billion in long-pending dues while boosting crude production from fields operated by Indian companies, The Times of India reported, citing analysts and industry sources. India was once a major buyer of Venezuelan heavy crude, importing over 400,000 barrels per day at its peak. These supplies stopped in 2020 after sweeping US sanctions made purchases risky and logistically difficult, forcing Indian refiners to exit the market. STORY CONTINUES BELOW THIS ADOVL operations affected by sanctionsONGC Videsh Ltd (OVL), India’s flagship overseas oil producer, jointly operates the San Cristobal oilfield in eastern Venezuela.
