New Delhi, Jan. 6 -- The renewed geopolitical tensions between the United States and Venezuela are unlikely to pose any immediate risk to global oil supplies or significantly affect India's oil import bill, according to an economic analysis by Bank of Baroda.
Despite Venezuela holding one of the world's largest crude oil reserves, its actual contribution to global oil production remains marginal. In calendar year 2024, Venezuela accounted for only about 1 percent of global crude oil output, producing roughly 960 thousand barrels per day.
As a result, any disruption linked to current tensions is not expected to materially impact global oil availability, the report said.
However, Venezuela's strength lies in its reserves, which constitute ...