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Virendra Pandit

New Delhi: India on Thursday said it is keeping all options open to source crude oil from Venezuela and other countries, depending on commercial viability.

This statement came after US President Donald Trump claimed that India has agreed to stop buying Russian oil and may raise imports from the US and Venezuela, the media reported on Thursday.

Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal told reporters that India’s energy decisions are guided by market conditions and long-term energy security needs, especially at a time of global supply uncertainty.

Asked about India’s long-term engagement with Venezuela in the energy sector, he said the partnership includes both trade and investments. “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.

“We remain open to exploring options of availability of crude oil from Venezuela and other places, depending on its commercial viability,” he added.

India had been importing crude oil from Venezuela until 2019-20. Crude imports resumed briefly in 2023-24 but were halted again after US sanctions were reimposed.

Jaiswal also highlighted the role of Indian public-sector undertakings (PSUs) in Venezuela’s energy sector. Indian companies have had a presence in the Latin American 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.

India’s approach to crude oil sourcing is driven by market factors and commercial considerations. “Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options,” Jaiswal said, adding that India is reviewing crude supply options across multiple regions.

While announcing a trade deal between the two countries on Monday, Trump claimed about India’s oil purchases. In a post on Truth Socialhe said India had agreed to stop buying Russian oil and would instead increase purchases from the US and possibly Venezuela. He also suggested that the move could help bring an end to the Russia-Ukraine war.

“It was an honor to speak with Prime Minister Modi, of India, this morning… He agreed to stop buying Russian oil, and to buy much more from the United States and, potentially, Venezuela,” Trump wrote.

While India has confirmed that a trade deal with the US is in place, it has not shared details on any commitment to halt Russian oil imports.

Jaiswal made it clear that ensuring energy security for India’s population remains the government’s main focus. “Insofar as India’s energy sourcing is concerned, the government has stated publicly on several occasions that ensuring the energy security of 1.4 billion Indians is the supreme priority of the government.”

Diversifying energy sources is central to this strategy. “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this,” he said.

“All of India’s actions are taken and will be taken with this in mind.”

Under the proposed bilateral trade deal, US tariffs on Indian imports will be reduced from 25 percent to 18 percent. The move comes months after the US imposed 50 percent tariffs on Indian exports, including a 25 percent punitive duty linked to India’s purchase of Russian crude.