A potential US-led restructuring of Venezuela’s oil sector could significantly benefit India, unlocking approximately $1 billion in long-pending dues tied to ONGC Videsh Ltd’s operations in the sanctions-hit nation. With the easing of sanctions, Indian firms could revive production in fields like San Cristobal, which has seen output plummet due to US restrictions. This scenario not only provides India with a strategic alternative to Middle Eastern crude but also reduces its exposure to geopolitical risks while strengthening its negotiating position in global oil markets. Furthermore, a US-controlled Venezuelan oil sector may diminish China’s current leverage over Venezuelan crude, paving the way for India to secure long-term supply contracts.