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According to an oil industry analyst quoted in an article I posted on the Policy board, Venezuelan crude is a good substitute for Russian: heavy sour, so Indian refineries would not need to be extensively reworked. A happy coincidence that the US seized control of Venezuelan production just before this agreement?
Current Venezuelan production is not adequate to meet all of Indian's need. The net sifter says India imports about 4.8Mbpd. Of that, some 41% is from Russia, or a bit under 2Mpbd, double what Venezuela now produces, but well within historical Venezuelan capability. As Exxon declared Venezuela "uninvestable", is The large purchase of US goods by India going to be US made oil field equipment needed to expand production in Venezuela?
The bottom line is just how much India is willing to pay, for access to the US market?
Steve
