New Delhi, Feb. 4 -- 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.

It noted that a discount of USD 10-12 per barrel on Venezuelan crude would be sufficient to make the choice economically neutral for Indian importers.

SBI said "India's fuel import bill could even decline by USD 3bn in the event of shifting to Venezuela...discount of USD 10-12 coul...