Indian Oil Giant Secures U.S. License to Return to Venezuela
India’s Oil and Natural Gas Corporation has secured a license from the U.S. Office of Foreign Assets Control to return to Venezuela, Indian media have reported. India’s largest oil and gas company has a 40% stake in the San Cristobal oil project and an 11% stake in the Carabobo project but was force
Source: OilPrice.com
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DW NOTE
The U.S. just granted Indian Oil a sanctions waiver to pump Venezuelan crude — the same crude Washington spent a decade trying to embargo into irrelevance. Caracas gets hard currency, New Delhi gets discounted barrels to offset Hormuz losses, and the sanctions regime gets filed under "operational flexibility." When supply shocks bite, principles become negotiable.