Switch from Russia to Venezuela crude oil possible? SBI sees $3 bn savings - explained

2026-02-04 - 09:25

India could slash its crude import bill by nearly $3 billion annually by strategically shifting from Russian oil to Venezuelan heavy crude. A discount of $10-12 per barrel on Venezuelan oil makes this switch commercially viable, despite longer shipping routes. This potential saving highlights evolving import strategies driven by market dynamics and refining capabilities.