US President Donald Trump on Friday announced a crude oil deal with Venezuela, claiming it was the “biggest oil deal in world history”. The agreement gives the US majority control over more than 65 billion barrels of proven crude oil reserves in the South American country.According to Trump, the deal will “more than double” US oil reserves and drive down domestic petrol prices in the long term, while putting Venezuela’s economy on a path to recovery. Trump said Secretary of State Marco Rubio and Secretary of War Pete Hegseth had worked closely with Venezuelan interim President Delcy Rodriguez on the deal, as well as with private businesses.The announcement comes nearly nine months after the US military, at Trump’s direction, carried out an operation to capture Venezuelan President Nicolas Maduro and take him to the US to face federal charges of narcoterrorism and drug trafficking.For India, the deal could smoothen crude oil supplies. Less than two weeks ago, on August 16, the Oil and Natural Gas Corporation (ONGC) secured a licence from the US Office of Foreign Assets Control to return to Venezuela and restart existing oil extraction operations. ONGC, India’s largest oil and gas company, holds a 40 per cent stake in the San Cristobal oil project and an 11 per cent stake in the Carabobo project. However, US sanctions on Venezuela had halted work at the projects.India imports between 4.5 million and 5 million barrels per day (bpd) of crude oil, with imports from Venezuela touching almost 3,83,000 bpd in August, up from zero in March.With the US securing a major share of Venezuela’s oil, India could look to ramp up imports further, as the South American country’s medium and heavy crude varieties are suitable for Indian refineries.ONGC is gearing up to invest about $200 million to revive production at the San Cristobal oilfield in Venezuela, which it operates with Venezuelan state oil company PDVSA. ONGC Videsh Ltd (OVL) holds a 40 per cent interest in the San Cristobal oilfield, while PDVSA owns the remaining 60 per cent.The oilfield currently produces around 4,000-5,000 bpd of crude oil. ONGC aims to restore output to its previous peak of up to 50,000 bpd. India is also in talks with Venezuela to gain access to more than $500 million in outstanding dividends from its stakes in the two oil projects.Venezuela holds an estimated 303 billion barrels of crude oil reserves, or about 17 per cent of the world’s total, according to the US Energy Information Administration (EIA). Trump said in a social media post on Friday: “The US will have majority control of more than 65 billion barrels of proven oil reserves in Venezuela, at no cost to the American taxpayer.”Following the West Asia crisis, India, the world’s third-largest crude oil importer, expanded its purchases from Africa and South America while continuing to buy oil from Russia.More crude: India could increase imports from Venezuela as oil flows recoverONGC returns: ONGC secures US approval to restart operations in VenezuelaProduction boost: ONGC to invest $200 million to revive output at San Cristobal oilfieldHigher output: Production at the field could rise from 4,000-5,000 bpd to 50,000 bpdMoney due: India is seeking access to more than $500 mn in outstanding dividendsWhat it means for India