India may save $3B yearly by switching oil imports from Russia to Venezuela, if prices remain favorable.

India could save up to $3 billion annually by shifting crude oil imports from Russia to Venezuela, according to a State Bank of India report. A $10–12 per barrel discount on Venezuelan crude—currently around $51—could offset higher shipping and handling costs due to the longer distance. Indian refineries can process heavy crude, and the switch may be economically viable under favorable pricing. However, a resolution to the Ukraine conflict could reduce Russian crude discounts, diminishing the advantage. India’s import strategy will likely remain diversified, balancing price, logistics, and refinery capabilities.