India was once a major processor of Venezuelan heavy crude, importing more than 4,00,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks forcibly shut down purchases in 2020, according to PTI. New Delhi started purchasing crude oil from Venezuela after the sanctions were lifted following Maduro’s capture. Indian oil marketing companies significantly ramped up crude oil sourcing from Venezuela in the last few weeks, largely due to the West Asia crisis.
