India remains open to exploring crude oil supplies from Venezuela and other sources, depending on commercial viability, the Ministry of External Affairs (MEA) said on Thursday, outlining New Delhi’s position on energy security amid global supply uncertainties.
“There is a history of engagement with Venezuela. We have a long-standing energy partnership with them, and we remain open to exploring options of availability of crude oil from Venezuela and other places, depending on its commercial viability,” Randhir Jaiswal said at a press conference.Responding to a query on India’s oil imports from Venezuela, MEA spokesperson Randhir Jaiswal said Venezuela has been a long-standing energy partner for India, both in trade and investment.
U.S. President Donald Trump last week agreed to reduce tariffs on Indian goods to 18% from 50% as part of a broader trade deal and claimed Prime Minister Narendra Modi has assured him that the South Asian nation will stop buying Russian oil.
Trump also said India will buy more oil from the U.S. and ‘potentially Venezuela’.
Modi, however, did not comment on India’s plan to halt Russian oil imports in his message welcoming the trade deal.
Jaiswal said ensuring the energy security of 1.4 billion Indians is the “supreme priority” of the government.
“As far as Venezuela is concerned, it has been a long-standing partner for us in the area of energy, both on the trade side and also on the investment side,” Jaiswal said during a media briefing.
He noted that India had been importing crude oil from Venezuela until 2019–20, after which purchases were halted. “We were importing energy or crude oil from Venezuela till 2019–20 and thereafter, we had to stop,” he said.
According to the MEA, India resumed buying oil from Venezuela in 2023–24, but those imports were again halted following the reimposition of sanctions.
Jaiswal also highlighted the presence of Indian public sector undertakings (PSUs) in the South American nation. “Indian PSUs have established partnerships with the National Oil Company of Venezuela, PDVSA, and our PSUs have maintained a presence in the country since 2008,” he said.
Emphasising India’s broader approach to securing energy supplies, the MEA spokesperson said the country remains pragmatic in its sourcing strategy. “Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options,” Jaiswal said.
India, the world’s third-biggest oil importer and consumer, had twice in the past halted imports from Venezuela under pressure from sanctions in 2019-20 and 2023-24.