By Admin 
Crude oil Prices: Geopolitical tension is once again at its peak amid America’s attack on Venezuela. This may also affect the prices of crude oil in the future. After the US military operations in Venezuela and the capture of President Nicolas Maduro and his wife there, concerns have increased about possible disruptions in oil supply at the global level.
America’s occupation of Venezuela
Venezuela is among those countries in the world where oil is produced on a large scale. Venezuela has the world’s largest crude oil reserves. However, for the last few years, due to the sanctions imposed by America, the supply of crude oil from Venezuela has been limited.
US President Donald Trump said on Saturday that after the capture of President Nicolas, US President Donald Trump said on Saturday that after the capture of Venezuelan President Nicolas Maduro, America’s hold in the Venezuelan oil industry will become stronger. Speaking to Fox News, Trump said that American oil companies will now play a bigger role there and will make Venezuelan companies the largest companies in the world.
What will be the impact on oil prices?
Currently, oil prices have decreased slightly and remain around $60 per barrel. However, in recent times there has been increasing uncertainty regarding the developments taking place in one of the countries with the most oil in the world.
According to a Reuters report, Venezuela’s state energy company PDVSA had informed that till Saturday, their oil production and refining operations were running normally and there was no damage to their facilities due to the American attacks. However, it is equally true that if the attack increases tension, the oil companies will face difficulty in functioning. It will also become difficult for ships to reach Venezuelan ports, which will lead to interruption in supplies.
impact on india
If seen from India’s perspective, India’s relations with Venezuela are already based on oil imports. However, it decreased due to US sanctions in 2021 and 2022. Oil business increased again in 2023-24 and India’s petroleum imports from Venezuela increased to about $1 billion. According to a report by The Financial Express, India had become the largest buyer of Venezuelan crude oil for some time in December 2023. Whereas at present China remains the largest buyer of Venezuelan crude oil.
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