Venezuela Key to India-US Deal? New Hopes Emerge Amidst Shifting Global Dynamics

• India and the US are exploring Venezuela as a new common ground to advance stalled trade deal negotiations.
• The US is prepared to allow India to purchase Venezuelan oil under a new US-controlled framework, offering a 'politically acceptable' alternative to Russian oil.
• Venezuelan oil is crucial for India's complex refineries, which can process its heavy crude; India was a major buyer before US sanctions.
• Lifting sanctions could see India import 100,000 to 150,000 barrels per day from Venezuela, benefiting refineries like Reliance's Jamnagar.
• Indian companies like ONGC Videsh have significant stakes in Venezuelan oil fields, with potential for redevelopment and payment recovery if sanctions ease.

Why It Matters: Venezuela could unlock a broader India-US trade deal, offering India energy security and reducing Russian oil dependence.