Venezuela falls: Vast oil, growing OPEC Share, but trade with India shrinks

Maduro’s fall leaves vast oil riches stranded as vital trade links with India drop significantly

Jan 05, 2026, 13:42 IST1 min

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Venezuela holds the world's largest proven oil reserves at 303.2 billion barrels, surpassing Saudi Arabia and Iran. Yet, despite this massive 20 percent global share, decaying infrastructure and political upheaval have stalled production

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Venezuela's production grew over 1 million barrels per day by late 2025, lifting its OPEC share to 4.5 percent. However, this momentum faces total paralysis following the recent capture of Maduro

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In the 2024-25 fiscal year, Indian crude imports from Venezuela surged to $1.4 billion, a significant rebound from previous lows

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Sanctions and political instability have virtually severed once-thriving energy and pharmaceutical ties. Total bilateral trade between India and Venezuela has plummeted from over $7.3 billion in FY19 to just over $1.6 billion in FY25

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2024 saw 929 Indians heading to Venezuela compared to 1,403 Venezuelans visiting India. Both figures remain marginal, suppressed by soaring costs and persistent security risks