India's External Affairs Ministry confirms it keeps options open for sourcing crude oil from Venezuela and other regions based on commercial viability, highlighting its market-driven approach to energy security amid global supply uncertainties.
India on Thursday said that it continues to keep its options open for sourcing crude oil from Venezuela and other regions, depending on commercial viability, amidst claims by the United States that it has stopped buying Russian oil and may increase imports from the US and Venezuela. Ministry of External Affairs (MEA) spokesperson Randhir Jaiwal outlined the country's broader energy security strategy amid global supply uncertainties.
India-Venezuela Energy Partnership
Responding to media queries on crude imports from Venezuela, Jaiswal highlighted India's long-standing energy engagement with Venezuela, covering both trade and investment. "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 sourced crude from Venezuela until 2019-20, after which imports were stopped. "We were importing energy or crude oil from Venezuela till 2019-20 and thereafter, we had to stop," he said.
According to the MEA, crude purchases resumed in 2023-24 but were discontinued after sanctions were reimposed.
Jaiswal also noted the presence of Indian public-sector undertakings in Venezuela, adding that Indian firms have maintained energy partnerships in the country for over a decade. "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.
Market-Driven Sourcing Approach
Emphasising India's market-driven sourcing approach, the MEA spokesperson reiterated that New Delhi continues to evaluate crude options based on commercial considerations. "Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options," Jaiswal said.
He further added that assessments are ongoing across multiple geographies, including Venezuela. "We remain open to exploring options of availability of crude oil from Venezuela and other places depending on its commercial viability," the MEA spokesperson said. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)