US-Venezuela Tensions Spark Crude Worries, But India's Exposure Limited

• US actions against Venezuela, a major oil reserve holder, fuel global crude market concerns.
• India's economic exposure is minimal due to US sanctions, which have severely curtailed trade since 2019.
• India's crude imports from Venezuela plummeted 81.3% in FY2025 to $255.3 million from $1.4 billion in FY2024.
• Easing sanctions could benefit India by unlocking nearly $1 billion in pending dues and reviving ONGC Videsh Ltd's San Cristobal oilfield.
• ONGC Videsh Ltd (OVL) holds a 40% stake in San Cristobal, with potential for significant production increase if sanctions are lifted.

Why It Matters: US-Venezuela tensions have minimal impact on India, with potential future benefits if sanctions ease.