New Delhi, Feb. 4 -- India's crude oil import bill could fall by as much as USD 3 billion a year if the country shifts part of its crude sourcing from Russia to Venezuelan heavy crude, according to a report by SBI Research.

The report said such a move could deliver cost benefits even after factoring in higher transportation and other associated costs.

SBI Research noted that a discount of USD 10-12 per barrel on Venezuelan crude would be enough to make it economically neutral for Indian buyers compared with current sourcing patterns, reported ANI.

Pricing and Logistics Key to Viability

Venezuelan heavy crude is currently trading at around USD 51 per barrel, based on Oil Price data cited in the report. The analysis said savings would m...