India Oil Strategy Shift Explained | Geopolitical Game from Russia to Venezuela. Money Live | India Oil Strategy Shift Explained

Now a clear shift is being seen in India’s oil import strategy. Amidst increasing US pressure and global trade challenges, India is increasing focus on alternative sources like Venezuela while reducing dependence on Russia. Trade concerns have increased due to imposition of 25% to 50% tariffs on Indian exports due to Russian crude. Meanwhile, energy ties with Venezuela are being revived again, which is also indicated by the talks of PM Modi and the leadership there. India is gradually reducing oil imports from Russia from 12 lakh bpd to 5–6 lakh bpd. Refiners like HPCL, MRPL, IOC and BPCL are also changing their sourcing strategy. Overall, India is trying to create a balance between energy security and global pressure by diversifying its oil basket.