India on Thursday clarified its position on crude oil sourcing in response to claims by US President Donald Trump, saying it remains open to assessing the commercial viability of any new supply options, including crude from Venezuela, while underlining that energy policy decisions are driven by market realities and the country’s energy security needs.
The Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal said at a press conference that India remains open to examining the commercial viability of new crude oil supply options, including imports from Venezuela, as part of its wider energy security strategy.
Addressing the media, the MEA said decisions on energy imports are driven by commercial considerations and aligned with India's long-term energy requirements.
"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. We were importing energy and crude oil from Venezuela until 2019-20, after which we had to stop. Again, we began buying oil from Venezuela in 2023-24 but had to stop after sanctions were reimposed," Jaiswal said.
"Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply, including from Venezuela," he added.
Imports resumed in FY 2023–24 but were halted again after sanctions were reimposed. The MEA said Indian public sector undertakings have continued their engagement with Venezuela’s national oil company, PdVSA, and have maintained a presence in the country since 2008.
MEA on Trump's claim of India ceasing Russian oil purchase
Responding to a question on Trump’s claim that India has agreed to stop buying Russian oil and instead shift to crude purchases from the United States and possibly Venezuela, Jaiswal said the energy security of 1.4 billion Indians remains the government’s foremost priority.
"The government has stated publicly on several occasions that ensuring the energy security of 1.4 billion Indians is the supreme priority of our government. 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 decisions were taken and will be taken with this in mind," he said.
