Energy policy expert Narendra Taneja said that while Venezuela holds the world's largest oil reserves, it remains a minor supplier in the global oil market. He also noted that recent developments may not have an immediate impact on oil prices and could create opportunities for Indian oil companies if sanctions are lifted. His remarks come after Washington carried out a "large-scale strike against Venezuela", and Nicolas Maduro and his wife, Cilia Flores, were captured and flown out of the country.

Speaking to ANI, Taneja on Sunday said, "Our oil companies know Venezuela very well. We have been dealing with Venezuela for a long time. Most refineries in the world can't handle Venezuelan oil because it's heavy oil. I don't really see any immediate impact on oil prices. Venezuela may have the largest reserves of oil, but they are a very small player in terms of supplying oil to the global system. They produce hardly 9 lakh barrels of oil per day. The bulk of that is exported and goes to China." He said that Venezuela will start producing 3 million barrels of oil every day within the next year, with the US moving in.