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

Feb 4, 2026 - 16:00
Switch from Russia to Venezuela crude oil possible? SBI sees $3 billion savings - explained

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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.

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