US Venezuela Move: Reliance, ONGC to Benefit, Oil Prices May Drop, Says Jefferies

• US actions in Venezuela could ease sanctions, allowing Venezuelan crude back into global markets.
• Jefferies report suggests this could lead to a drop in international oil prices.
• Reliance Industries may benefit from cheaper Venezuelan crude ($5-8/barrel below Brent), improving Gross Refining Margins.
• ONGC could recover $500 million in stuck dividends from Venezuela's San Cristobal oil field.
• Medium-term risk: Increased Venezuelan production could boost global supply, further pressuring oil prices downwards.

Why It Matters: US Venezuela policy could lower oil prices, boosting Reliance's margins and ONGC's stuck dividends.