India remains open to exploring the commercial merits of new crude supply options, including from Venezuela, in line with its approach to energy security, NDTV reported quoting Ministry of External Affairs.
Venezuela has been a long-standing partner of India in the energy sector through trade and investments, the report said, adding that It was among India’s major sources of crude oil until FY 2019-20, when imports stopped after sanctions. “Imports resumed in FY 2023-24, then stopped again after sanctions were re-imposed. Indian state-owned firms have worked with Venezuela’s national oil company, PdVSA, and have maintained a presence in Venezuela since 2008.”
Brent fell 1.5% to $68.41 a barrel, while WTI fell 1.54% to $64.13 a barrel.
