Mint Explainer | What the US sanctions waiver on Iranian oil sales means for India and the global energy market
Prior to the war, West Asia accounted for 60-70% of India’s oil imports. India diversified its imports since the Russia-Ukraine war began in 2022, with supplies coming in from Brazil, Algeria, Argentina and Nigeria, among others. Venezuelan oil is being imported after the US took Venezuelan president Nicolas Maduro into custody in January and an interim president took over.
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