India is looking upon Venezuela as a white knight as its state-owned refiner-marketers grapple with raging oil prices. The oil ministry has asked IndianOil to tap the Andean country for cheaper crude that will yield higher margins and help reduce overall losses accruing from selling motor and kitchen fuels at governmentcapped prices. At a recent meeting with top IndianOil executives, ministry officials told the company to "explore processing of Venezuelan crude as private sector RIL has got the same at much discounted price'. Venezuelan crude is "heavy' and sells cheaper than the "light' oils