Datanomics: Venezuela's oil economy in a flux after US strikes

Despite holding the world's largest crude oil reserves, Venezuela plays a shrinking role in India's oil imports amid sanctions and collapsing exports

Donald Trump administration’s military action on Venezuela’s Nicolas Maduro regime is expected to alter oil economics of the Latin American country. India’s imports of oil from Venezuela have been minuscule in recent years following US sanctions. 

 

Venezuela has the largest proven oil reserves globally

 

Venezuela holds the world’s largest proven crude oil reserves, accounting for about 17 per cent of global proven reserves–oil that is commercially viable using existing technology and operating methods.

 

 

Share in India’s crude oil imports down after US sanctions

 

Over the last decade, Venezuela’s share in India’s crude oil and petroleum imports has fallen sharply from 8.45 per cent in FY15 to just 0.28 per cent in the first eight months of FY26.

 

 

Despite largest reserves, Venezuela’s oil exports struggle

 

Venezuela’s crude oil exports in 2023 were just over $4 billion, while Russia exported oil worth $122 billion, despite holding only about one-fourth of Venezuela’s reserves.