India’s ONGC Targets Tenfold Oil Output Boost in Venezuela
India’s state-owned Oil and Natural Gas Corporation (ONGC) plans to invest about $200 million to revive production at the San Cristobal oilfield in Venezuela, which it shares with Venezuelan state oil firm PDVSA, Indian outlet Economic Times reported on Wednesday, citing sources with knowledge of th
Source: OilPrice.com
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DW NOTE
India's ONGC is promising tenfold output growth in Venezuela while the Strait of Hormuz has been effectively closed for nine days and global supply has already fallen 4.3 million barrels per day this year. That's not expansion planning, that's desperation shopping in the one jurisdiction where sanctions collapse has left oil on the table.