On January 3, 2026, the United States military launched a significant operation, codenamed Operation Absolute Resolve, in Venezuela, which included military strikes and a raid on Caracas. This action resulted in the capture of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, who were subsequently transported to New York to face long-standing narco-terrorism and drug trafficking charges dating back to a 2020 indictment by the US Department of Justice. President Donald Trump publicly confirmed the operation and stated that the US intends to oversee a transition in Venezuela. The dramatic intervention has stirred international debate regarding its legality under international law. The immediate impact on global oil supply and prices has been relatively subdued. This is largely because Venezuela's crude oil exports were already severely constrained by years of US sanctions, limiting its role in international supply chains. However, President Trump's announcement of US plans for heavy involvement in Venezuela's oil industry to rebuild degraded infrastructure and restart production suggests a potential for increased global oil supply in the medium to long term, which could influence prices. For India, the direct impact on energy security is expected to be minimal. India had significantly reduced its crude oil imports from Venezuela since 2019 due to US sanctions, with Venezuela accounting for a negligible share of India's total oil imports in recent years. Nevertheless, a US-led restructuring of Venezuela's vast oil sector could present a significant financial and strategic opportunity for India. Specifically, India's state-owned ONGC Videsh (OVL) holds investments in Venezuelan oil fields, and a new regime could facilitate the recovery of nearly $1 billion in long-pending dues and potentially revive production from these fields.