India ‘open’ to importing Venezuelan oil – Foreign Ministry

India is “open” to exploring oil purchases from Venezuela, a top official has said.

US President Donald Trump on Monday claimed India had agreed to halt Russian oil and to buy much more from the US and potentially Venezuela, while announcing that a trade deal had been reached between Washington and New Delhi.

Venezuela has been a longstanding partner of New Delhi in the area of energy both in terms of trade and investment, Indian Foreign Ministry spokesman Randhir Jaiswal said at a press briefing on Thursday.

“Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options, including from Venezuela,” Jaiswal added.

He said India had been importing energy or crude oil from Venezuela until 2019 and thereafter halted it due to sanctions. Purchases resumed in 2023-24 but had to be stopped again, Jaiswal added.

Indian state-backed companies have established a partnership with the national oil company of Venezuela, PDVSA, and have maintained their presence in the country since 2008, the spokesman said.

In January, Reuters reported that India’s top oil-refining firm, Reliance, is seeking US approval to resume purchases of Venezuelan crude.

New Delhi has come under increasing pressure from Washington to stop buying Russian oil as the White House has sought to force Moscow to settle in the Ukraine conflict.

Russian officials have said that they are unaware of any decision by India to halt purchases of crude oil from the country. India, the world’s third-largest oil consumer, became a key market for Russian crude following the escalation of the Ukraine conflict in 2022.