ONGC Sees Venezuelan Oil Operations Resume Amid Global Price Uncertainty

India's state-run oil company ONGC has received permission from the US government to resume oil extraction and sales in Venezuela, ending a hurdle that prevented operations there. The move opens up opportunities for other Indian companies to invest in the region. However, experts warn that ongoing tensions between the US and Iran could push oil prices higher.

ONGC holds a 40% stake in the San Cristobal oil field and an 11% stake in the Carabobo project in Venezuela. The company's operations were previously hindered by US sanctions, but with approval now granted, production can resume and ramp up. But for Indian consumers, lower petrol and diesel prices are unlikely to follow immediately.

Crude oil is currently trading at around $90 a barrel in the global market, and experts warn that prices could reach $100 if tensions continue. The increased production from Venezuela will take time to reach India, so prices won't drop until crude oil prices ease globally.