$3 Billion Saved by Buying Venezuelan Oil: SBI Report
SBI Research has revealed that India could save $3 billion annually if it buys Venezuelan oil instead of Russian oil. It stated that this is only possible if a discount of $10-12 per barrel is available; otherwise, it would be difficult. However, it noted that Venezuela's distance from India compared to Russia and the Middle East, and the resulting transportation costs, are a disadvantage. Nevertheless, it stated that Venezuelan oil could be an alternative for India.
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