[alephnerd]

India used to use Venezuelan crude before the 2019 sanctions [0][1]

India only shifted to using Russian oil in 2022 [2] after Venezuelan [3] and Iranian [4] oil sanctions were enacted, which was when both began increasing engagement with China.

It's a similar story for South Korea [5] and Japan [6].

This helps reduce prices for ONG, as India is shifting back to Venezuelan crude which gives slack which South Korea and Japan can take advantage of, as India, Japan, and South Korea represent 3 of the 5 largest oil consumers globally.

[0] - https://www.thehindu.com/business/Industry/ongc-awaits-instr...

[1] - https://www.thehindu.com/business/Industry/reliance-venezuel...

[2] - https://www.bbc.com/news/business-65553920

[3] - https://www.wilsoncenter.org/article/india-and-venezuela-gro...

[4] - https://www.brookings.edu/articles/trump-tightens-sanctions-...

[5] - https://eastasiaforum.org/2019/09/13/south-korean-oil-refine...

[6] - https://mei.edu/ar/publication/japan-and-middle-east-navigat...