India's Venezuela Oil Link Crucial Amid Sanctions: Shringla Explains Strategic Importance

• India maintains strategic interest in Venezuela's vast oil reserves despite US sanctions and global market turmoil.
• Former Foreign Secretary Harsh Vardhan Shringla highlighted India's $6 billion investment in Venezuela's oil sector.
• Venezuela possesses the world's largest proven oil reserves, crucial for India's long-term energy security needs.
• ONGC has $500 million in dividends stuck from the San Cristobal project, with hopes for recovery if sanctions ease.
• Easing sanctions could increase global crude supply, potentially lowering oil prices, benefiting India, but US maintains current stance.

Why It Matters: India navigates US sanctions to protect its $6B Venezuela oil investment for future energy security.