Energy Security India’s Priority, Open To New Crude Options Including Venezuela: MEA
Energy Security India’s Priority, Open To New Crude Options Including Venezuela: MEA
M.U.H
06/02/202617
The Ministry of External Affairs, in a press conference on Thursday, said it remains open to exploring the commercial viability of new crude oil supply options, including from Venezuela, as part of its broader approach to ensuring energy security.
Speaking at a media briefing, the Ministry of External Affairs (MEA) said decisions on energy imports are guided by commercial considerations and India’s long-term energy needs.
The MEA noted that Venezuela has been a long-standing partner for India in the energy sector, spanning both trade and investments. Venezuela was among India’s major crude oil suppliers until FY 2019–20, when imports were discontinued following the international sanctions.
Imports resumed in FY 2023–24 but were again halted after sanctions were re-imposed. The MEA said Indian public sector undertakings have maintained a partnership with Venezuela’s national oil company, PdVSA, and have had a presence in the country since 2008.
Reiterating India’s stance, the ministry said New Delhi remains open to assessing the commercial merits of any new crude supply options, consistent with its energy security strategy.
On Russian Oil
Addressing questions on Russian oil imports, the government reiterated that ensuring the energy security of 1.4 billion Indians remains its highest priority.
It said India’s strategy focuses on diversifying energy sources in line with market realities and changing global dynamics, adding that all decisions on energy sourcing are taken with this objective in mind and will continue to be guided by the same approach.
Responding to questions on US tariffs, the government pointed to statements issued by both sides following a telephonic conversation between Prime Minister Narendra Modi and US President Donald Trump.
According to MEA, after the call and President Trump’s subsequent post, the Prime Minister thanked the US President for reducing the reciprocal tariff, noting that Made in India products will now enter the US market at a reduced tariff of 18%.
The government said the trade agreement is expected to significantly boost India’s exports, particularly labour-intensive sectors, while supporting job creation, economic growth and broader prosperity. It added that the US side has also clarified that the final reciprocal tariff rate has been set at 18%.
