India on Thursday said its strategy is to ensure the country’s energy security and diversify its sources “Evolving International Mobility” Energy sources, including Russia, will be a major factor in deciding energy sources, leaving the option of buying oil from Venezuela open.
When asked about Trump’s comments about India ending oil purchases from Russia, Jaiswal said the government has said ensuring energy security for 1.4 billion Indians is its “top priority” (AP file).External Affairs Ministry Spokesperson Randhir Jaiswal’s comments came Three days later US President Donald Trumpwhile announcing the finalization of a trade deal with India, the Indian side has “agreed to stop buying Russian oil and buy more from the US and, potentially, Venezuela”.
When Jaiswal was asked at a weekly media briefing about Trump’s comments about India stopping energy purchases from Russia, he replied that the government has publicly stated on several occasions that ensuring energy security for 1.4 billion Indians is its “top priority”.
He added, “Diversifying energy sources in line with objective market conditions and developing international mobility is at the core of our strategy to ensure this. All decisions in India are and will be made with this in mind.”
On Venezuela, Jaiswal said the South American country is a long-standing partner for India in oil trade and energy exploration investment. India’s energy imports from Venezuela have come to a halt in 2019-20 due to US sanctions. Purchases resumed in 2023-24, but were halted again after the US imposed a 25% tariff on countries buying Venezuelan oil.
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Noting that Indian state-owned firms have an established partnership with Venezuela’s national oil company PDVSA, Jaiswal said: “Consistent with our approach to energy security, India is open to exploring the commercial viability of any crude supply option, including Venezuela.”
Indian state-owned oil companies ONGC Overseas Limited (OVL), Indian Oil Corporation Limited (IOC) and Oil India Limited (OIL) have interests in two oil projects in Venezuela. In 2008 OVL signed an agreement with a PDVSA subsidiary for a 40% participating interest in the San Cristóbal project, while a consortium that included three companies held a 40% stake in one company to develop two blocks in the Orinoco Heavy Oil Belt.
Despite considerable pressure from the US and European countries, India increased its purchases of discounted Russian crude to 2022 only after the West pressed it. Sanctions on Russia On the invasion of Ukraine. This moved Russia to become one of the top three suppliers alongside Iraq and Saudi Arabia, accounting for less than 1% of India’s energy supply.
Trump’s frustration over the lack of success in ending the war in Ukraine led to his decision to impose punitive tariffs of 25% on India’s purchases of Russian oil. Those tariffs have now been removed, according to Indian and US officials.
