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India Eyes Venezuelan Crude Return, Stresses Commercial Viability

India's Ministry of External Affairs has stated the country remains open to resuming crude oil imports from Venezuela, contingent on commercial viability. Spokesperson Randhir Jaiswal highlighted the long-standing energy partnership, which included imports until 2019-20. He noted that Indian public sector undertakings have maintained a presence and partnerships in Venezuela's oil sector for over 15 years. The MEA emphasized that India's energy sourcing strategy is market-driven and assesses options from multiple geographies.

Key Points: India Open to Venezuelan Crude Imports Based on Commercial Viability

  • India open to Venezuelan crude if viable
  • Imports stopped after 2019-20 sanctions
  • Indian PSUs have partnered with PDVSA since 2008
  • Energy security strategy is market-driven
2 min read

India open to resuming Venezuelan crude imports based on commercial viability: MEA

India's MEA says it is open to resuming Venezuelan crude oil imports, citing long-standing energy partnership and a market-driven sourcing strategy.

"We remain open to exploring options of availability of crude oil from Venezuela and other places depending on its commercial viability. - Randhir Jaiswal, MEA"

New Delhi, February 5

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.

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.

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

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Reader Comments

P
Priyanka N
Good to see our foreign policy is driven by our national interest and not just by what other countries want. The US says we stopped Russian oil, but we will buy from wherever it makes economic sense for India. That's the way it should be.
A
Aman W
Our PSUs have been there since 2008, that's a long-term commitment. It makes sense to reactivate those partnerships if the sanctions situation allows. But the government must ensure any deal is transparent and benefits the common man by keeping fuel prices in check.
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Sarah B
While commercial viability is key, I hope there's also a strong emphasis on the stability of the supply. Venezuela's political situation has been volatile. We don't want to invest heavily and then have to stop imports again if sanctions snap back.
K
Karthik V
Perfectly balanced statement from MEA. We are keeping all options open. This is not about choosing sides between US, Russia, or Venezuela. It's about securing affordable energy for India's growth. Jaiwal sahab put it well.
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Nisha Z
I appreciate the clarity, but I have a respectful criticism. We hear about exploring options, but what about accelerating our shift to renewables? In the long run, that's the real energy security. We can't keep navigating global sanctions forever.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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