Oil sanctions imposed by the U.S. on Venezuela earlier this week could prove to be an energy windfall for India and China.
The Trump Administration announced sanctions against Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A., or PDVSA, targeting the Latin American country’s lucrative crude exports. American refineries are the leading purchasers of Venezuelan oil, and the proposed sanctions would halt all oil trade between the two countries. The resulting over-supply of crude would become available to India and China at heavily discounted prices.
