India's Oil Dilemma: Russia vs. Venezuela - Costs, Risks, and Benefits Explored

• India, a major oil consumer, imports nearly 90% of its crude, making it a top global buyer.
• Post-2022 Ukraine war, India heavily shifted to discounted Russian oil, becoming Moscow's second-largest buyer after China.
• Despite Russian dominance (35% of imports), India is diversifying due to geopolitical pressure and potential US tariffs.
• US crude shipments to India surged in late 2025, with imports jumping nearly 92% compared to 2024.
• Venezuela, once a key supplier, could re-emerge, offering diversification despite higher costs than Russian oil.

Why It Matters: India balances discounted Russian oil with diversification efforts, eyeing Venezuela's potential return for long-term energy security.