Big Relief for Motorists? Venezuela Sanctions Lift May Drop Petrol, Diesel Prices

• Expectations rise for the lifting of US sanctions on Venezuela, potentially resuming large-scale crude oil exports.
• Venezuela holds the world's largest proven oil reserves (300 billion barrels) but production plummeted due to sanctions and instability.
• Lifting sanctions could be a "lottery" for Indian refiners like Reliance Industries and ONGC, allowing access to discounted heavy crude.
• Rebuilding Venezuela's oil sector requires massive investment ($10B annually for 10 years, $58B total infrastructure) and 1-2 years to significantly boost production.
• Analysts predict Brent crude could fall below $60/barrel by 2026, offering major relief to oil-importing nations like India.

Why It Matters: Lifting Venezuela sanctions could significantly increase global oil supply, potentially lowering prices for India.