India clarifies stance on Russian and Venezuelan crude oil purchases amid US trade deal

New Delhi (The Uttam Hindu) : Amid questions surrounding the purchase of crude oil from Russia and Venezuela, the Indian government has once again clarified its stance. The Ministry of External Affairs stated that the country's top priority is the energy security of its 1.4 billion citizens, and with this goal in mind, India continuously explores options with various countries for the supply of crude oil and gas.

According to the Ministry of External Affairs, India's entire energy policy is centered on providing the country with consistent, reliable, and affordable energy. Therefore, India is diversifying its energy sources rather than relying on a single country. The Ministry clarified that India continuously adapts its energy strategy to international market conditions and changing global circumstances.

The Ministry of External Affairs stated that Venezuela has long been a key energy partner for India. Until the 2019-20 fiscal year, it was among India's major crude oil suppliers. However, due to international sanctions imposed during that time, India was forced to halt oil imports from Venezuela.

Crude oil imports from Venezuela were later scheduled to resume in fiscal year 2023-24, but were postponed again due to the reimposition of sanctions. The ministry also noted that India's public sector oil companies have a long-standing partnership with Venezuela's national oil company, PDVSA.

State-owned companies have been active and maintain a presence in Venezuela since 2008. The government reiterated that India is ready to consider potential supplies of crude oil from Venezuela if commercial and strategically favorable conditions arise.

Categorical on buying oil from Russia:

Regarding buying crude oil from Russia, the government clarified that India's decisions are completely based on national interests and real market conditions. According to the Ministry of External Affairs, India has stated several times in the past that energy security is the country's top priority and the purchase of crude oil and gas is decided on this basis. The Ministry said that India is diversifying its energy sources to avoid excessive dependence on any one country or region. Importing oil from Russia is also a part of this comprehensive energy strategy and this decision has been taken not under any external pressure, but keeping in mind commercial and strategic interests.

India's message is clear:

The government maintains that whether it is Russia or Venezuela, India's focus remains solely on the country's needs. India is pursuing a policy of exploring all commercial options with an open mind to ensure secure, stable, and affordable energy supplies.