Can OMCs Benefit from Potential Oil Output Jump?

The global oil market is abuzz with the potential resurgence of Venezuela as a major oil producer, accounting for 1% of the world's oil production. With the country's crude output expected to jump sharply, oil prices could be capped in the long term. But what does this mean for Oil Marketing Companies (OMCs) in India, and can they benefit from the current situation? MK Surana, Former CMD, HPCL, shares his insights on the potential opportunities and challenges for India in the wake of Venezuela's oil production trends and the looming threat of US sanctions.