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Topic 170 · Economy, Budget & Banking

India resumes Venezuelan crude imports

10 MCQs · tap an option to check it · All answers

Revise the 12 points first Book 1 RATNA
  1. Core Trigger: Kpler estimated on 7 April 2026 that India would take about 10-12 million barrels of Venezuelan crude that month.
  2. Gap Ended: April 2026 was the first month since May 2025 with Venezuelan deliveries, and the highest in over six years.
  3. Key Figures: Delcy Rodriguez was Venezuela's interim leader in February 2026; Chris Wright is US Secretary of Energy.
  4. Crude Grade: BPCL and HPCL-Mittal Energy bought Merey, a heavy grade yielding more diesel and jet fuel.
  5. Data Point: India imports over 88% of its crude from over 41 countries; over 40% transits the Strait of Hormuz.
  6. Stakeholders: Reliance got a US general licence (reported 13 February 2026); BPCL made its first-ever Venezuelan purchase.
  7. India Link: Venezuelan barrels diversify supply while Hormuz shipping had all but halted since early March 2026.
  8. Key Refineries: Reliance runs the world's largest single-site refinery complex at Jamnagar, Gujarat; HMEL runs one at Bathinda, Punjab.
  9. Founded: Venezuela was one of OPEC's five founder members at the Baghdad Conference in September 1960.
  10. Landmark: The US OFAC designated PdVSA on 28 January 2019 under Executive Order 13850; India's imports soon stopped.
  11. Sanctions Relief: On 18 October 2023 OFAC licences, including GL 44, suspended key oil sanctions for six months.
  12. Definition: A general licence is a US Treasury authorisation allowing a class of transactions despite sanctions.
Question 1 of 10

Kpler estimated India would take how many million barrels of Venezuelan crude in April 2026?

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Answer: (A) 10-12

Core Trigger: Kpler estimated on 7 April 2026 that India would take about 10-12 million barrels of Venezuelan crude that month.From Book 1 RATNA, topic 170, point 1

Question 2 of 10

Consider: 1. April 2026 was the first month since May 2025 with Venezuelan deliveries. 2. It was the highest in over ten years. Which is/are correct?

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Answer: (A) Only 1

Gap Ended: April 2026 was the first month since May 2025 with Venezuelan deliveries, and the highest in over six years.From Book 1 RATNA, topic 170, point 2

Question 3 of 10

Who was Venezuela's interim leader in February 2026?

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Answer: (B) Delcy Rodriguez

Key Figures: Delcy Rodriguez was Venezuela's interim leader in February 2026; Chris Wright is US Secretary of Energy.From Book 1 RATNA, topic 170, point 3

Question 4 of 10

Which crude grade did BPCL and HPCL-Mittal Energy buy?

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Answer: (C) Merey

Crude Grade: BPCL and HPCL-Mittal Energy bought Merey, a heavy grade yielding more diesel and jet fuel.From Book 1 RATNA, topic 170, point 4

Question 5 of 10

India imports over 88% of its crude from over how many countries?

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Answer: (A) 41

Data Point: India imports over 88% of its crude from over 41 countries; over 40% transits the Strait of Hormuz.From Book 1 RATNA, topic 170, point 5

Question 6 of 10

Which firm made its first-ever Venezuelan crude purchase?

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Answer: (B) BPCL

Stakeholders: Reliance got a US general licence (reported 13 February 2026); BPCL made its first-ever Venezuelan purchase.From Book 1 RATNA, topic 170, point 6

Question 7 of 10

Reliance runs the world's largest single-site refinery complex at which place?

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Answer: (D) Jamnagar

Key Refineries: Reliance runs the world's largest single-site refinery complex at Jamnagar, Gujarat; HMEL runs one at Bathinda, Punjab.From Book 1 RATNA, topic 170, point 8

Question 8 of 10

OPEC was founded with Venezuela among five founders at which city's conference?

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Answer: (C) Baghdad

Founded: Venezuela was one of OPEC's five founder members at the Baghdad Conference in September 1960.From Book 1 RATNA, topic 170, point 9

Question 9 of 10

On which date did the US OFAC designate PdVSA?

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Answer: (B) 28 January 2019

Landmark: The US OFAC designated PdVSA on 28 January 2019 under Executive Order 13850; India's imports soon stopped.From Book 1 RATNA, topic 170, point 10

Question 10 of 10

Consider: 1. On 18 October 2023 OFAC licences including GL 44 suspended key oil sanctions for six months. 2. A general licence allows a class of transactions despite sanctions. Which is/are correct?

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Answer: (C) Both 1 and 2

Definition: A general licence is a US Treasury authorisation allowing a class of transactions despite sanctions.From Book 1 RATNA, topic 170, point 12

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