India Explores New Oil Supply Options Including Venezuela for Energy Security
In a recent press conference, India's Ministry of External Affairs revealed plans to explore new crude oil supply options, including Venezuela, as part of its energy security strategy. The Ministry highlighted the importance of commercial viability in energy import decisions, noting Venezuela's historical role as a key supplier. Despite previous interruptions due to sanctions, India is keen to reassess its energy partnerships. The government emphasized that ensuring energy security for its citizens remains a top priority, with a focus on diversifying energy sources in response to global market changes. This strategic move reflects India's commitment to adapting its energy policies to meet long-term needs.
| Feb 5, 2026, 14:58 IST
India's Energy Security Strategy
The Ministry of External Affairs announced during a press conference on Thursday that it is prepared to explore the commercial viability of new crude oil supply options, including Venezuela, as part of its comprehensive approach to ensuring energy security. The Ministry emphasized that decisions regarding energy imports are made considering both commercial factors and India's long-term energy needs.
According to the Ministry, Venezuela has been a long-term partner for India in the energy sector, encompassing both trade and investment. Up until the fiscal year 2019-20, Venezuela was one of India's primary suppliers of crude oil, but imports were halted due to international sanctions. Although imports resumed in the fiscal year 2023-24, they were again suspended following the re-imposition of sanctions. The Ministry noted that Indian public sector enterprises have maintained partnerships with Venezuela's national oil company, PDVSA, and have had a presence in the country since 2008.
In response to a question regarding former President Trump's claim that India agreed to stop purchasing oil from Russia and to buy crude oil from the U.S. and possibly Venezuela, spokesperson Randhir Jaiswal reiterated that Venezuela has been a long-term partner for India in both trade and investment in the energy sector. He stated that India was importing energy and crude oil from Venezuela until 2019-20, after which it had to cease imports. The country resumed oil purchases in 2023-24, but again had to stop due to renewed sanctions. In line with its energy security approach, India is eager to explore the commercial benefits of crude oil supplies from Venezuela and other sources.
Reiterating India's stance, the Ministry stated that New Delhi is ready to assess the commercial advantages of any new crude oil supply options in accordance with its energy security strategy. Addressing questions related to oil imports from Russia, the government reaffirmed that ensuring energy security for 1.4 million Indians is its top priority. The government emphasized that India's strategy focuses on diversifying energy sources in response to market realities and changing global scenarios, and all decisions related to energy sources will continue to be guided by this objective.