US-India trade deal: Will India stop buying oil from Russia? Will it purchase from Venezuela? What MEA told?
US-India trade deal: Amidst the ongoing global tensions between Russia and Ukraine and the US-India trade deal, India has convincingly presented its stance on its energy policy to the world. On Thursday, the government reiterated that India is free to buy oil from any country to meet its energy needs. This statement comes amidst international discussions raising questions about oil imports from Russia.
Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal clarified that ensuring the energy security of 1.4 billion Indians is the government's biggest and highest priority.
During the press conference, the MEA spokesperson emphasized that India's strategy is to diversify its energy sources according to the changing conditions of the international market. According to Randhir Jaiswal, India will continue to make independent decisions keeping the interests of its citizens in mind. He said that changing oil sources according to market conditions and the changing international environment is a key part of our strategy.
Will India purchase oil from Venezuela?
Besides Russia, India has also clarified its stance on the prospects of purchasing oil from Venezuela. Randhir Jaiswal stated that Venezuela has long been a trading and investment partner for India in the energy sector. India had purchased oil from there until 2019-20, which had to be stopped due to sanctions.
However, it was resumed in 2023-24 but is currently on hold due to new sanctions. Despite this, India is always ready to consider the ‘commercial advantages’ of oil supply from any source, including Venezuela. Overall, India's message is clear: it will pursue a balanced and independent energy policy, rather than relying on any single country, a policy entirely dedicated to meeting the needs of its 1.4 billion people.