India on Thursday clarified its position on crude oil sourcing amid claims by US President Donald Trump and stated that it is open to evaluating the commercial merits of any new supply option, including Venezuelan crude, while pointing out that energy policy decisions are guided by market realities and national energy security needs.
Speaking at a press briefing, Ministry of External Affairs spokesperson Randhir Jaiswal said India has a long-standing energy relationship with Venezuela, spanning 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. 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.
When asked about Trump’s claim that India has agreed to stop buying Russian oil and shift to buying crude from the United States and possibly Venezuela, Jaiswal said that energy security of 1.4 billion Indians is the supreme priority of the government.
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 Indias decision were taken and will be taken with this in mind,” he said.
The clarification came after Trump claimed that India had agreed to buy Venezuelan oil instead. “We have already made a deal. India is coming in, and they are going to be buying Venezuelan oil,” he said earlier this week.
White House Press Secretary Karoline Leavitt also claimed that India had committed to ending Russian oil imports and increasing purchases from the US following talks between Trump and Prime Minister Narendra Modi. Washington has been urging India to consider Venezuelan oil as a replacement for Russian imports, part of its broader strategy to limit revenue flowing to Moscow amid the Ukraine conflict.
