India Open to Venezuela Oil Imports Based on Commercial Viability: MEA
India has expressed its willingness to import crude oil from Venezuela and other nations, with the decision solely based on commercial viability. Venezuela has been a long-term energy partner, though imports were halted in 2019-20, briefly resumed in 2023-24, and then stopped again due to sanctions. Indian public sector undertakings continue to hold partnerships in Venezuela, emphasizing India's commercial-driven approach to global crude oil sourcing.
India's Ministry of External Affairs spokesperson, Randhir Jaiswal, announced that the country is open to sourcing crude oil from Venezuela, alongside other nations, with commercial viability being the sole determinant for such decisions. Venezuela has historically served as a significant energy partner for India, underscoring a long-standing relationship in crude oil trade. However, this partnership has experienced disruptions; crude oil imports from Venezuela were initially halted during the 2019-20 fiscal year. A brief resumption of imports occurred in 2023-24, suggesting a potential re-engagement, but this was subsequently interrupted again due to the imposition of international sanctions. Despite these geopolitical and trade challenges, Indian public sector undertakings have maintained their partnerships and presence in Venezuela, indicating a continued strategic interest. The MEA spokesperson reiterated that India's overarching policy is to assess all crude oil availability and sourcing options strictly on commercial grounds, ensuring that its energy procurement strategy remains economically efficient and adaptive to global market conditions and supply dynamics.
