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India is a refining superpower: US Secretary of State Marco Rubio in Mumbai
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News18•20-10-2026, 17:45
India is a refining superpower: US Secretary of State Marco Rubio in Mumbai
- •US Secretary of State Marco Rubio praised India in Mumbai, calling it a refining superpower capable of processing heavy crude oil.
- •Rubio stated that India is ready to refine more Venezuelan oil as its production increases, which will help ease global supply bottlenecks.
- •Indian companies could also potentially increase production from their existing oil assets in Venezuela.
- •Rubio acknowledged that sanctions and technical restrictions currently in the way of oil imports and refining need to be addressed.
- •India resumed purchasing crude oil from Venezuela following the easing of US sanctions, importing around 427,000 barrels per day in May.
Key Questions Answered
US Secretary of State Marco Rubio described India as a refining superpower during his visit to Mumbai. He stated that India possesses the capacity to refine heavy crude oil and can process more Venezuelan oil as it becomes available in the market.
State-run ONGC Videsh holds a 40% stake in the San Cristobal oil field in Venezuela. Additionally, Indian companies hold a combined 18% stake in the Carabobo-1 project.
India previously halted its oil purchases from Venezuela due to the announcement of a 25% US tariff in 2025 on countries buying Venezuelan oil. However, following the easing of sanctions by the US, India has since resumed purchasing crude oil from Venezuela.
