New Delhi:Indian energy companies are positioned to refine Venezuelan heavy crude, potentially stabilizing global oil supplies, according to US Secretary of State Marco Rubio during his visit to India. Rubio noted India's significant capacity to process Venezuelan crude, which could offer short-term relief to global oil markets.

According to Anadolu Agency – English, Rubio emphasized the potential for Indian firms, such as Reliance Industries, to resume refining operations on Venezuelan crude as supplies increase. He described India as a "refining superpower" and acknowledged the country's critical role in global energy distribution. Rubio also mentioned existing Indian oil concessions in Venezuela that could enhance extraction efforts, although challenges remain due to sanctions on the Maduro regime.

Rubio further welcomed India's diversification of oil imports away from Russia, calling it a "smart" decision despite its complexity. On bilateral relations, Rubio announced progress toward finalizing a trade agreement with India, aimed at resolving ongoing disputes. The US and India had previously agreed on an interim framework to address trade tensions, with bilateral trade reaching approximately $149.4 billion last year.