US attack on Venezuela: Will it impact Indian oil refiners?
What's the story
The recent US attack on Venezuela is not expected to have a major impact on Indian oil refiners. The reason being, these companies had already stopped importing Venezuelan crude due to international sanctions. Currently, Venezuela's contribution to global oil supply is marginal at around 900,000 barrels per day or 1% of the total.
Export dynamics
Venezuela's oil exports and potential impact on global prices
Of the nearly 765,000 barrels per day (bpd) that Venezuela exports, over three-quarters go to China. The US accounted for about 17% of these exports in 2025, with the rest mainly going to Cuba, Spain, and Italy. An industry executive has said any disruption in Venezuelan supply would only affect a few buyers as the global oil market is well-supplied and can absorb any shortfall.
Business impact
Reliance Industries and ONGC's stakes in Venezuelan oil fields
Reliance Industries Ltd (RIL), a former major buyer of Venezuelan crude, has now stopped sourcing this oil type. Other Indian refiners were also only marginal users. Meanwhile, ONGC, India's largest oil and gas producer, has stakes in two Venezuelan oil fields - San Cristobal and Carabobo-1. However, due to Venezuela's financial distress and US sanctions blocking trade/payment routes for years now, ONGC hasn't been able to repatriate its share of income worth about $500 million in dividends.