Sitharaman on Venezuela Oil: "No Idea" Amidst Sanctions Debate

• Finance Minister Nirmala Sitharaman stated she has "no idea" about India's potential oil purchases from Venezuela, despite widespread speculation.
• The debate intensified after the US hinted at easing sanctions on Venezuela, a traditional supplier of heavy crude to Indian refineries.
• Venezuelan oil offers a cheaper alternative for India, reducing reliance on Gulf nations and Russia amidst volatile global prices.
• Potential oil deals could also help Venezuela repay billions owed to India's ONGC Videsh Limited.
• India is cautiously navigating the situation, balancing cheaper fuel needs with potential US sanctions and political implications.

Why It Matters: Finance Minister Sitharaman denies knowledge of Venezuela oil deal, as India weighs cheap oil against US sanctions.