Russia vs Venezuela: India's Oil Dilemma Amidst Shifting Global Dynamics

• India, a major oil consumer, imports 90% of its crude, requiring 5 million barrels daily.
• Post-2022 Ukraine war, Russia became India's top oil supplier, offering deep discounts, now accounting for 35% of imports.
• US sanctions on Russia and potential tariffs (up to 500%) are pushing India to diversify its oil sources.
• Venezuela, once a significant supplier (12% in mid-2010s), saw imports drop to 1% due to US sanctions and payment issues.
• Venezuelan oil, if reopened, is projected to be $7-10 per barrel more expensive than Russian crude for India, making Russia a safer bet for now.

Why It Matters: India navigates complex oil choices between discounted Russian crude and potentially costlier Venezuelan supply.