| Category | Key Facts |
|---|---|
| Event | US announces control over Venezuela's oil sector after political upheaval. |
| Objective | Revive Venezuela's broken oil industry using American companies. |
| Venezuela's Reserves | Largest proven oil reserves (300+ billion barrels), but produces <1% globally. |
| Current Production | Severely impacted by sanctions, underinvestment, and economic crisis. |
| Global Market Impact | Long-term supply increase possible; short-term prices stable due to oversupply. |
| Impact on India | No current imports from Venezuela; future easing of sanctions may diversify supply and reduce import costs. |
| Indian Investments | ONGC Videsh has stakes in two projects; $500M+ dividends stuck due to sanctions. |
| Geopolitical Aspect | Oil remains a strategic geopolitical resource, influencing trade and diplomacy. |
| About Venezuela | Capital: Caracas; Borders: Guyana (E), Brazil (S), Colombia (W & SW). |
| Trivia Question | Q: Which country holds the world's largest proven oil reserves? A: Venezuela. |
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