India Open to Venezuelan Oil Imports for Energy Mix

• India may buy oil from Venezuela based on commercial viability and energy security
• A U.S. trade deal cuts tariffs, with claims India may buy more U.S. oil and reduce Russian imports, though not confirmed
• India previously paused Venezuelan oil under sanctions and continues evaluating all crude sources for stability

India will continue to purchase crude oil from multiple countries which include Venezuela according to its statement because these purchases must meet business requirements and support its overall energy security plan.

A foreign ministry spokesperson Randhir Jaiswal explained that the country uses market conditions together with long-term oil supply needs and the requirements to supply energy to 1.4 billion people as its framework to decide which oil sources to use.

Randhir Jaiswal stated, “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”.

“Diversifying our ‍energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core ‍of our ⁠strategy to ensure ⁠this. All of India's actions are taken and will be taken with this in mind”, he added.

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The statement followed previous remarks made by U.S. President Donald Trump who revealed a trade agreement that would decrease tariffs on Indian products while stating that India would end its Russian oil purchases and increase its purchase of American and possibly Venezuelan crude.

The prime minister of India supported the tariff cut while he did not disclose whether India would stop buying Russian oil. The ministry confirmed that India uses energy resource diversification as a key element of its energy strategy but the country has not yet made any official statement about stopping its Russian oil imports.

India, the world’s third-largest oil importer and consumer, previously halted Venezuelan crude twice under sanctions pressures in 2019-20 and 2023-24 with imports briefly resuming before stopping again after sanctions were reemployed.

New Delhi continues to assess all potential crude sources on a commercial basis which includes Venezuela and other regions to support its mission of maintaining stable and cost-effective oil supplies.