By Admin 
Venezuela Crude Oil: After occupying Venezuela, US President Donald Trump has made a big announcement, which is expected to provide relief to India. Last Tuesday, Trump said that the interim government of Venezuela will supply 30 to 50 million barrels of high-quality oil to America, which is still banned.
This oil will be sold at market price and the income from it will remain with America. This money will be used for the benefit of the people living in Venezuela and America. Just after Trump said this, the price of oil in America fell by almost $ 1 per barrel to around $ 0.65.
Will Venezuela’s economy get back on track?
President Trump says that after America’s military operation in Venezuela, American oil companies will now invest billions of dollars there. This will support the economy there and the infrastructure will improve. The global supply of oil from Venezuela will also increase after getting free from the chains of sanctions that have been in place for years. With this, all the countries of the world including India will get cheap crude oil.
America first imposed an embargo on Venezuelan oil in 2005. Later, in 2017 and 2019, during the tenure of President Nicolas Maduro, it was further tightened. If indeed a stable government under the leadership of America is formed in Venezuela in the coming time, then this will bring the broken economy there back on track.
What is the allegation against Trump?
The Trump administration has long been accused of keeping an eye on Venezuela’s oil reserves. The ousted President Nicolas Madurau has also repeatedly accused Trump of wanting to oust him from power and take control of the oil reserves there.
Let us tell you that Venezuela, 15 thousand kilometers away from India, is estimated to have oil reserves of more than 300 billion barrels, which is the highest compared to any country in the world. Not only oil, but Venezuela also has immense reserves of minerals like coal, aluminium, nickel, manganese, copper, iron ore and zinc.
What will be the benefit to India?
India imports 85 percent of its oil needs from other countries and Venezuela has the largest reserves of crude oil. If a US-backed government is formed in Venezuela, the US sanctions imposed on oil companies and tankers there will be lifted. Due to this, a large quantity of crude oil from Venezuela is expected to be supplied to India and that too at a lower price. This will reduce the price of petrol and diesel in the country.
For the first time since February 2021, India’s crude oil reserves fell below $60 per barrel. If crude oil starts being supplied from Venezuela at a discounted rate like Russia, it will help India. A $1 per barrel fall in crude oil prices will reduce India’s annual bill on oil imports by approximately Rs 13,000 crore.
According to reports, there is a possibility that by June the prices of crude oil may fall to $ 50 per barrel or even less. This will help India in reducing its import bill. If the country has savings, then that money will be invested in other development works, which will benefit the country and its people.
What is the expert’s opinion?
In ABP Live’s conversation with IIMC professor and market expert Shivaji Sarkar on how much oil prices will actually go down in the country, he said, it is too early to say whether India will benefit from America’s control over Venezuelan oil or not. Looking at the way America is currently taking all the countries of the world under its influence, it can be said that India will have to buy oil only from where America wants. The supply of oil from Venezuela to India is also at the discretion of America.
He further said, “Earlier India used to buy oil from Iran on a large scale, but due to American sanctions it had to stop the supply of oil from there. There is a similar situation with Russia.” The kind of developments that are being seen in the world right now, such as America putting pressure on countries like India, China and Brazil to buy oil from Russia and asking for 500 percent tariff on them, asserting its rights on Venezuela, Trump’s desire to take over Greenland, seizing a Russian oil tanker near Venezuela, etc., it is difficult to say in the future. Will oil prices increase or decrease?
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From 50 to 500 percent…what will be the impact of Trump’s new order on India? China and Brazil also on target