UPSC Prelims Practice Questions — Venezuela crisis unlikely to hit India’s energy security

Q1. Consider the following statements regarding Venezuela's oil sector: 1. Venezuela holds the world's largest proven crude oil reserves. 2. Venezuelan crude reserves are predominantly light, sweet crude. 3. Petróleos de Venezuela S.A. (PDVSA) is Venezuela's state-owned oil company. 4. As an OPEC member, Venezuela is currently bound by OPEC+ production quotas like other members. Which of the statements given above is/are NOT correct?

  1. Venezuela holds the world's largest proven crude oil reserves.
  2. Venezuelan crude reserves are predominantly light, sweet crude.
  3. Petróleos de Venezuela S.A. (PDVSA) is Venezuela's state-owned oil company.
  4. As an OPEC member, Venezuela is currently bound by OPEC+ production quotas like other members.
  • A. 1 and 3
  • B. 2 and 4
  • C. 1, 2 and 4
  • D. 3 only

Q2. In FY2025-26 (April–November 2025), approximately what share of India's total crude oil imports came from Venezuela?

  • A. About 0.3%
  • B. About 3%
  • C. About 10%
  • D. About 15%

Q3. The official trade data showing India's $255.3 million crude oil imports from Venezuela in April–November 2025, cited in the GTRI analysis, is compiled by which Union ministry?

  • A. Ministry of External Affairs
  • B. Ministry of Petroleum and Natural Gas
  • C. Ministry of Commerce and Industry
  • D. Ministry of Finance

Q4. As of 2025, which country is the single largest source of crude oil imports for India?

  • A. Saudi Arabia
  • B. Iraq
  • C. Russia
  • D. United States

Q5. In the context of US sanctions on Venezuela that deter Indian refiners, the term 'secondary sanctions' refers to:

  • A. Sanctions imposed by the UN Security Council in addition to unilateral US measures
  • B. US penalties imposed on non-US persons or entities for engaging in transactions with sanctioned Venezuelan parties
  • C. A second round of sanctions targeting family members of designated Venezuelan officials
  • D. Trade restrictions limited to non-oil sectors imposed after the primary oil embargo