US Venezuela Oil Control Could Unlock $1 Billion for India, Boost Output

• US control of Venezuela's oil sector could unlock nearly $1 billion in pending dues for India and revive crude production.
• Indian state-owned ONGC Videsh Ltd (OVL) has $1 billion in outstanding dues from Venezuela and operates the San Cristobal oilfield.
• US sanctions halted Indian crude imports and severely curtailed OVL's operations, blocking access to critical technology.
• Lifting sanctions could allow OVL to recover dues from future revenues and boost San Cristobal's output from 5,000-10,000 bpd to 80,000-100,000 bpd.
• Resumption of Venezuelan oil offers India diversification, reduces reliance on Russian/Middle Eastern crude, and strengthens bargaining power.

Why It Matters: US oversight of Venezuelan oil could bring significant financial and energy security benefits to India.