MEA spokesperson Randhir Jaiswal(L), US President Donald Trump
Credit: PTI, Reuters Photo
Days after the India-US trade deal, where PM Modi assured to stop buying Russian oil, the Ministry of External Affairs of India said that India is open to buying oil from Venezuela. India had previously suspended imports from Venezuela, not once but twice, in 2019–20 and in 2023–24, due to sanctions-related pressure. The latest announcement, however, comes in accordance with the US agreeing to reduce tariffs on Indian goods from 50% to 18%.
"There is a history of engagement with Venezuela. We have a long-standing energy partnership with them, and we remain open to exploring options of availability of crude oil from Venezuela and other places, depending on its commercial viability," Randhir Jaiswal said at a press conference.
US President Donald Trump has reportedly said India will buy more oil from the U.S. and 'potentially Venezuela'.
"Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this. All of India’s actions are taken and will be taken with this in mind," the Indian foreign ministry spokesperson said on Thursday, in response to a question if India plans to halt Russian oil imports.