India has reiterated that it remains open to sourcing crude oil from Venezuela and other countries, provided imports are commercially viable, the Ministry of External Affairs (MEA) said in a recent briefing. The statement was made amid ongoing global discussions on energy security and diversified oil supply sourcing.
MEA spokesperson Randhir Jaiswal emphasised that Venezuela has been a long-standing partner in India’s energy engagement, both in trade and investment, and that New Delhi is prepared to explore crude supply options from Caracas based on market conditions. He noted that India’s approach to securing energy supplies is guided by the overriding priority of ensuring reliable and affordable energy for its population of 1.4 billion.
“We remain open to exploring options for the availability of crude oil from Venezuela and other places, depending on its commercial viability,” Jaiswal said at a press conference. He stressed that energy sourcing decisions are taken according to India’s national interests, market realities, and evolving international dynamics.
India previously imported significant volumes of Venezuelan crude until 2019–20, before U.S. sanctions led to a halt in purchases. Imports briefly resumed in 2023–24 but were discontinued again following the re-imposition of sanctions. Indian public sector undertakings have maintained partnerships with Venezuela’s national oil company, PDVSA, and have held a presence in the country since 2008.
The MEA’s comments come amidst wider energy discussions following a recent trade agreement between India and the United States. While the U.S. indicated that tariff reductions on Indian goods could be linked to shifts in crude sourcing, India’s leadership has not confirmed any formal commitment to halt purchases of Russian crude or pivot exclusively to Venezuelan or U.S. supplies.
India, the world’s third-largest crude importer, sources oil from a diversified mix of global suppliers, and any future import decisions will be assessed based on pricing, logistical feasibility, refinery requirements, and the overall impact on energy security.
