New Delhi, Jan. 4 -- The ongoing crisis in Venezuela is unlikely to have any material economic or energy impact for India, asserted India-based think tank Global Trade Research Initiative (GTRI).

The GTRI, in a note, asserted that India was a major buyer of Venezuelan crude in the 2000s and 2010s. Indian firms such as ONGC Videsh held upstream stakes in the Orinoco belt. Bilateral engagement has weakened sharply since 2019 due to US sanctions, which forced India to cut oil imports and scale back commercial activity to avoid secondary sanctions.

As a result, India's trade with Venezuela is now small and declining, GTRI noted on Sunday, a day after US forces carried out a large military operation in Venezuela, capturing President Nicolas ...