Venezuela has one of the largest oil reserves and production from it at a large scale will have a huge effect on global oil prices which Hardeep Singh Puri said. Actually, India is the world’s third-biggest oil importer and consumer ships over 80% of its oil needs from overseas, and wants to reduce its expenses. It is also said by Mr Puri that Indian Oil and Reliance Industries have bought Venezuelan oil in the past. In reality, this deal can be very successful by seeing the increasing price of it globally and also it will benefit both nations.
For any nation, oil is a very important thing as from it all activities are happening and everyone is related by it. If the oil price is reduced then the prices of everything will decrease and if the oil price increases then the price of everything will increase. Actually buying oil for a nation is complicated as this market is very demanding and needs to understand everything properly while buying oil. Globally there are many countries that sell oil but Venezuela can be a game changer as it can help many nations, especially India.
