Intro: India on Thursday reiterated that ensuring energy security for its 1.4 billion citizens remains its foremost national priority.
New Delhi
India emphasised on Thursday that securing reliable and diverse energy supplies remains central to its national strategy, as global markets shift and geopolitical dynamics evolve. The Ministry of External Affairs (MEA) said New Delhi’s approach is driven by objective market conditions and long-term energy security interests.
In so far as India’s energy security or energy sourcing is concerned, the government has stated publicly on several occasions that ensuring the energy security of 1.4 billion Indians is its supreme priority, MEA spokesperson Randhir Jaiswal told reporters at a weekly press briefing in New Delhi. He stressed that decisions on sourcing crude oil will continue to be taken with this objective in mind.
Jaiswal’s remarks came amid recent claims by Donald Trump that India would halt purchases of Russian oil and instead increase imports from the United States and Venezuela. India’s government made clear that its policy is based on national interest and commercial viability rather than external pressure.
Responding to questions about energy engagement with Venezuela, Jaiswal highlighted the longstanding relationship between Indian public sector undertakings and Venezuela’s state energy company PDVSA. Indian firms have maintained an energy partnership with Venezuela since 2008, and India resumed buying Venezuelan crude in 2023–24 when conditions allowed—only to suspend imports again after sanctions were reimposed.
Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options, including from Venezuela, Jaiswal told journalists.
Analysts note that India’s energy strategy is shaped by multiple factors, including price competitiveness, refining requirements, and broader geopolitical shifts. A recent report by SBI Research suggested that shifting a portion of India’s crude imports from Russia to Venezuelan heavy crude could lower its fuel import bill by up to $3 billion annually if Venezuelan crude is offered at sufficient discounts.
Key points
- Energy security is top national priority
- Strategy focuses on diversifying energy sources
- Venezuela is a long-standing energy partner
- India open to commercial oil deals with Venezuela
- PM Modi discussed deepening bilateral ties
