India emerges as the top buyer of Venezuelan crude oil in December, and January

La Excellence IAS Academy

India emerges as the top buyer of Venezuelan crude oil in December, and January

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La Excellence IAS Academy | February 16, 2024 | Economy



Syllabus: GS-III

Subject: Economy

Topic: Trade and External sector

Issue: Venezuela Oil Imports.

Context: India became the top buyer of Venezuelan crude oil in December 2023 and January 2024 after a three-year break.

Synopsis:

  • Venezuela was one of the major crude oil supplier for India.
  • This changed when the United States of America imposed sanctions on Venezuela.
  • Since then till recently Venezuela’s crude oil to India reduced.
  • The US eased sanctions on Venezuela’s oil sector in October 2023 for six months.
  • Venezuela offers discounts, benefiting Indian refiners amid volatile oil markets.

Data Point:

  • World’s largest known oil reserves from highest to low are –
    1. Saudi Arabia
    2. Venezuela
    3. Canada
    4. Iran
    5. Iraq

Source: Indian Express

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