Venezuela Elections 2024: Here's how presidential polls can impact India, rest of the world

The future of Venezuela hangs in the balance as voters head to the polls on Sunday. They will decide whether to reelect President Nicolas Maduro, or to give the opposition a chance to reverse the policies blamed for the country's economic collapse.

For the first time in decades, the historically divided opposition parties have united behind a single candidate, posing a serious challenge to the ruling United Socialist Party of Venezuela. Maduro’s main rival is former diplomat Edmundo González Urrutia, who represents the reinvigorated opposition. 

Regardless of the election outcome, the decision will have significant impacts on migration. Over the past decade, instability in Venezuela has driven more than 7.7 million people to leave the country.

While many have settled in Latin America and the Caribbean, an increasing number are aiming to reach the United States.

This election is also crucial for India. India is one of the few countries that can refine Venezuela's heavy crude oil, and Indian companies have long-term contracts to import this oil. This diversification helps India reduce its reliance on oil from the Middle East and Russia, regions currently affected by ongoing conflicts, according to reports.

The results of this election will not only shape Venezuela's future but also have broader implications for global oil markets and migration patterns.