Venezuelan oil import: Indian oil companies are just waiting for American approval. If America allows the supply of crude oil from Venezuela to India, then the business that has been stalled for years can start again. Indian Oil Corporation Limited (IOCL) has said that if the supply resumes, its country’s refineries are ready to process crude oil received from Venezuela.

Indian refineries ready for processing

He said that about ten years ago his company used to process crude oil received from Venezuela and now it can do so again. Speaking at the World Economic Forum (WEF) held in Davos, IOCL Chairman Arvinder Singh Sawhney said, “If everything goes well, if a lot of crude oil starts coming out of Venezuela, then can’t we import oil from Venezuela?” He further said, our refineries are strong and can process the oil from Venezuela, but the processing will happen only when Supply will start.

Companies hoping to get approval from America

It is not that India is going to buy oil from Venezuela for the first time, but even before this India has purchased crude oil from Venezuela on a large scale. Due to the sanctions imposed by America in the year 2019, India had to step back. After this, America relaxed for some time in 2023-24, then India started buying oil again.

After this, again in May 2025, India had to stop imports due to America’s strictness. Now that America has offered to buy 50 million barrels of crude oil from Venezuela for about $5.2 billion and sell it at market price in the world markets, many companies like Reliance have started trying to get approval from America to buy crude oil from Venezuela.

Also read:

After all, which countries have immense reserves of silver? Is India’s name also in the list?