India To Buy Venezuelan Oil? What Minister Said
NDTV
Venezuela has one of the largest oil reserves and production from it at a large scale will have a dampening effect on global oil prices, Hardeep Singh Puri said.
Indian refiners can process Venezuelan oil and the nation may buy it provided that it is available cheaply, Oil Minister Hardeep Singh Puri said on Wednesday, days after the US temporarily lifted sanctions on OPEC member Venezuela's oil sector.
India is the world's third biggest oil importer and consumer and ships over 80% of its oil needs from overseas and wants to cut its crude import bill.
"It is always good when more supplies come to market," Oil Minister Hardeep Singh Puri said at an industry event, speaking about Venezuelan oil, and added: "We will buy from wherever we can get cheaper oil."
