NEW DELHI: Amid assertions by the United States that India has agreed to halt purchases of Russian crude oil, the government on Thursday reaffirmed that diversifying its energy sources in line with market realities and global developments remains central to its energy security policy. In that context, the Ministry of External Affairs (MEA) said India is open to considering the possibility of sourcing crude oil from Venezuela.
President Donald Trump had earlier this week claimed that India would increase its energy imports from the US and potentially also from Venezuela as part of a broader trade understanding.
MEA spokesperson Randhir Jaiswal highlighted that Venezuela has historically been an energy partner for India, involving both crude trade and investment ties. Venezuela was once among India’s major crude suppliers until 2019–20, when imports stopped due to sanctions. Venezuela shipments briefly resumed in 2023–24 but were again halted after sanctions were reimposed. Indian public sector companies have maintained an energy sector presence in Venezuela since 2008.
“Consistent with India’s approach to energy security, we remain open to exploring the commercial merits of potential crude supply options, including from Venezuela,” Jaiswal said, noting that all decisions will be driven by market viability and India’s strategic interests.
On the broader issue of energy sourcing, he reiterated that ensuring reliable and affordable energy for India’s 1.4 billion people is the government’s overriding priority, and that diversification in response to changing global dynamics is a core part of that strategy.
Separately, the White House said the India-US trade deal includes a reduction in US tariffs on Indian exports from 50 % to 18 %, a move expected to benefit India’s export sectors and boost economic growth.
