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US–Venezuela Conflict: Caracas Oil Revamp May Help India Recover $1 Billion
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US-backed restructuring of Venezuela’s oil sector could help India recover USD 1 billion dues, revive ONGC Videsh Ltd’s San Cristobal field.
A Trump administration–backed reset of Venezuela’s oil sector could help India recover nearly $1 billion in long-pending dues.
A possible US-backed restructuring of Venezuela’s oil industry could deliver a meaningful financial and strategic gain for India, including recovery of nearly USD 1 billion in long-pending dues and a restart of crude production from fields involving Indian companies, according to analysts and sources, as reported by PTI.
India was once a major processor of Venezuelan heavy crude, importing over 4,00,000 barrels per day at peak levels. Supplies stopped in 2020 after US sanctions tightened compliance norms and made trade commercially unviable.
Indian Investments Stalled by Sanctions
India’s overseas oil arm, ONGC Videsh Ltd, operates the San Cristobal oilfield in eastern Venezuela in partnership with the local state producer. Output has dropped sharply to 5,000–10,000 bpd, as sanctions restricted access to drilling rigs, technology and oilfield services.
Venezuela has not paid USD 536 million in dividends due on OVL’s 40 percent stake up to 2014, PTI reported. A similar amount remains unpaid for later years, with audits not permitted, effectively freezing settlement of claims.
Production Revival Possible
If sanctions are relaxed following recent political developments in Caracas, Indian operators could move rigs and equipment from domestic fields, including ONGC’s assets in Gujarat, to revive production. With adequate investment and drilling activity, San Cristobal alone can produce 80,000–1,00,000 bpd, officials familiar with the field said.
Broader Indian Exposure
Indian firms also have stakes in the Carabobo-1 heavy oil block. OVL holds 11 percent, while Indian Oil Corporation and Oil India Ltd own 3.5 percent each. Venezuela’s national oil company PDVSA is the majority partner but may undergo restructuring.
Why Venezuela Matters to India
Indian refiners such as Reliance Industries, Nayara Energy, IOC, HPCL-Mittal Energy and Mangalore Refinery have the technical capability to process Venezuelan heavy crude efficiently.
With India diversifying its crude basket and reducing concentration risks, Venezuelan oil could offer flexibility in sourcing and strengthen negotiating leverage. Analysts, PTI reported, note that if production rises and payment mechanisms normalise, trade flows could resume quickly—bringing both financial recovery and long-term supply security for India.
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January 04, 2026, 16:32 IST
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Your SBI YONO App Will Be Blocked If You Don’t Update Your Aadhaar? Details You Need To Know
New Delhi: A viral message is circulating in the social media regarding SBI, claiming that users must download and install an APK file to update their Aadhaar. The viral message has further claimed that if Aadhaar is not updated, the SBI YONO app will be blocked.
Fact-checking agency PIB has refuted the social media claim. PIB has stated that the claim being made in this post is misleading and FAKE.
PIB has further cautioned users to not fall prey to such fake messages. It tweeted, “Do NOT download any APKs or share personal, banking, or Aadhaar details. SBI does NOT ask for such information.”
It has also advised consumers to report suspicious messages to report.phishing@sbi.co.in for necessary action.
How to get messages fact-checked by PIB
If you get any such suspicious message, you can always know its authenticity and check if the news is for real or it is a fake news. For that, you need to send the message to https://factcheck.pib.gov.in. Alternatively you can send a WhatsApp message to +918799711259 for fact check. You can also send your message to pibfactcheck@gmail.com. The fact check information is also available on https://pib.gov.in.
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Stock market today: Nifty50 opens below 26,150; BSE Sensex down over 100 points – The Times of India
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in red on Wednesday. While Nifty50 went below 26,150, BSE Sensex was down over 100 points. At 9:18 AM, Nifty50 was trading at 26,132.00, down 47 points or 0.18%. BSE Sensex was at 84,953.09, down 110 points or 0.13%.Analysts believe that equity markets are expected to move in a narrow range in the near term, as optimism from encouraging third-quarter business updates is offset by lingering geopolitical risks.Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited says, “The recent market movements have been devoid of any trend and clear direction. Actions in a few mega stocks are influencing the overall market disproportionately. For instance, yesterday despite positive institutional buying Nifty drifted down by 71 points, mainly due to sharp declines in two stocks- Reliance and HDFC Bank. The large volumes in these two stocks in the derivative and cash market indicate activity associated with settlement day. In other words, the sharp dips in these stocks have nothing to do with their fundamentals; it is more technical in nature.” “Going forward, there is scope for high volatility caused by events and news. Trump tweets and actions can always influence the market. Another important event which investors should closely watch is a possible Supreme Court verdict on Trump tariffs very soon. If the verdict goes against the reciprocal tariffs it will create huge volatility in stock markets.”Global cues were mixed. Wall Street closed higher on Tuesday, supported by a strong rally in semiconductor stocks driven by renewed enthusiasm around artificial intelligence. Shares of Moderna also advanced, while the Dow Jones Industrial Average climbed to a fresh record high.Asian markets paused on Wednesday after a strong start to the year. Japanese equities declined amid rising tensions with China, prompting some investors to turn cautious despite the broader strength seen in global stocks so far this year.On the institutional front, foreign portfolio investors were net sellers of Indian equities worth Rs 107 crore on Tuesday, according to exchange data. Domestic institutional investors, however, continued to provide support to the market, recording net purchases of Rs 1749 crore.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
Kayla Epsteinand
Osmond Chia
Getty ImagesUS President Donald Trump has said Venezuela “will be turning over” up to 50m barrels of oil to the US, after a surprise military operation that removed President Nicolás Maduro from power.
The oil will be sold at its market price, Trump posted on social media, adding that the money would be controlled by himself and used to benefit the people of Venezuela and the US.
His comments come after he said the US oil industry would be “up and running” in Venezuela within 18 months and that he expected huge investments to pour into the country.
Analysts previously told the BBC it could take tens of billions of dollars, and potentially a decade, to restore Venezuela’s former output.
Trump posted on Truth Social on Tuesday: “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America.
“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!”
His comment came a day after Delcy Rodríguez, formerly Venezuela’s vice-president, was sworn in as its interim president. Maduro has been brought to the US to face drug-trafficking and weapons charges.
On Monday the US president told NBC News: “Having a Venezuela that’s an oil producer is good for the United States because it keeps the price of oil down.”
Representatives from major US petroleum companies planned to meet the Trump administration this week, the BBC’s US partner CBS reported.
Analysts who previously spoke to the BBC were sceptical that Trump’s plans would have a major impact on the global supply – and therefore price – of oil.
They suggested that firms would look for reassurance that a stable government was in place, and even when they did invest, their projects would not deliver for years.
Trump has argued in recent days that American oil companies can fix Venezuela’s oil infrastructure.
The country has an estimated 303bn barrels – the world’s largest proven reserve – but its oil production has been in decline since the early 2000s.
The Trump administration sees significant potential for its own energy prospects in Venezuela’s reserves.
Increasing the country’s production of oil would be expensive for US firms.
Venezuelan oil is also heavy and more difficult to refine. There is only one US firm, Chevron, currently operating in the country.
Asked for comment about Trump’s plans for US oil production in Venezuela, Chevron spokesman Bill Turenne said the company “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets”.
“We continue to operate in full compliance with all relevant laws and regulations,” Turenne added.
ConocoPhillips, a major US oil company that no longer has a presence in Venezuela, “is monitoring developments in Venezuela and their potential implications for global energy supply and stability”, said spokesman Dennis Nuss.
“It would be premature to speculate on any future business activities or investments,” Nuss said.
A third company, Exxon, did not immediately respond to requests for comment.
While justifying the seizure of Maduro from Caracas, Trump also claimed that Venezuela “unilaterally seized and stole American oil”.
Vice-President JD Vance echoed those claims on X after Maduro was taken, writing that “Venezuela expropriated American oil property and until recently used that stolen property to get rich and fund their narcoterrorist activities”.
The reality is more complex.
US oil companies have a long history in Venezuela, extracting oil under licence agreements.
Venezuela nationalised its oil industry in 1976 and in 2007, President Hugo Chavez exerted more state control over the remaining foreign-owned assets of US oil firms operating in the country.
In 2019, a World Bank tribunal ordered Venezuela to pay $8.7 billion to ConocoPhillips in compensation for this 2007 move.
That sum has not been paid by Venezuela, so at least one US oil company has outstanding compensation which is owed to it.
But BBC Verify’s Ben Chu said the claim Venezuela has “stolen” American oil is too simplistic, as experts said the oil itself was never actually owned by anyone except Venezuela.
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