1. Statement 1 is correct: Venezuela indeed has the largest proven oil reserves globally, estimated at over 300 billion barrels. However, it contributes less than 1% to global oil production due to various factors, including U.S. sanctions, prolonged economic crises, and underinvestment in its oil infrastructure.
2. Statement 2 is incorrect: While the U.S. intervention aims to revitalize Venezuela's oil sector with significant investments, the process is expected to be lengthy. The infrastructure has suffered extensive damage, and experts warn that increasing global oil supply in the short term may not be feasible. Thus, the aim to significantly increase global oil supply in the short term is not accurate.
3. Statement 3 is correct: India's oil companies, such as ONGC Videsh, have investments in Venezuela. If U.S. sanctions are eased, these companies could benefit by recovering substantial pending dividends, potentially over $500 million, from their projects in Venezuela.
Therefore, the correct answer is Option C: 1 and 3 Only.