05-February-2026
Economy News
 
India could cut fuel import bill by $3 billion by switching to Venezuelan crude: SBI Report
04-Feb-2026

India's crude oil import bill could decline by up to USD 3 billion annually if the country shifts a portion of its crude sourcing from Russia to Venezuelan heavy crude, according to a new report by State Bank of India (SBI) Research. The report highlighted that reducing reliance on Russian crude and increasing purchases of Venezuelan heavy crude could yield significant cost benefits, even after accounting for logistics and other factors.

News Source:- https://economictimes.indiatimes.com/industry/energy/oil-gas/india-could-cut-fuel-import-bill-by-3-billion-by-switching-to-venezuelan-crude-sbi-report/articleshow/127898980.cms
 
 
 

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