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Iran and Venezuela: Know more about how India plays a big role in them
Mar 05: Two countries facing US sanctions -- Iran and Venezuela -- have a lot to do with India.
8The year is 2007. Iran was India’s second-largest source of oil imports, totaling 367,000 barrels per day (bpd). The country is a stone’s throw from India, so close that both territories shared a land border before India’s independence from the British.
8In comparison, India’s imports from Venezuela are a paltry 28,000 bpd in comparison, not surprising since Caracas is about 10,000 miles from New Delhi.
8Cut to 2013. India’s oil imports from Venezuela skyrocket to 441,000 bpd, accounting for 12 percent of the country’s total oil imports. Meanwhile, imports from Iran plummet to 200,000 bpd
8Suddenly, Venezuela doesn’t seem so far away.
8In February 2019, India is poised to become Venezuela’s largest cash market for oil exports, amid recently announced US sanctions.
8What caused this rather sudden and unexpected reversal of roles?
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