(Image source from: x.com/IndiaToday)

The Ministry of External Affairs stated in a press conference on Thursday that it is willing to look into new options for crude oil supply, including sources from Venezuela, as part of its larger plan to ensure energy security. During a media briefing, the Ministry of External Affairs (MEA) explained that choices about energy imports are influenced by business needs and India’s future energy requirements. The MEA highlighted that Venezuela has historically been an important partner for India in energy, covering trade and investments. Until the fiscal year 2019-20, Venezuela was one of India’s main crude oil sources, but imports stopped due to international sanctions. Imports started again in FY 2023-24 but were ceased once more when sanctions were reintroduced. The MEA mentioned that Indian public sector companies have kept a partnership with Venezuela’s national oil firm, PdVSA, and have been active in the country since 2008. Reinforcing India's position, the ministry expressed that New Delhi is open to evaluating any new crude supply options that align with its energy security plans.

Responding to inquiries about Russian oil imports, the government emphasized that the energy security of 1.4 billion people in India is its top concern. It mentioned that India's strategy aims to broaden energy sources in accordance with market realities and shifting global conditions, stating that all energy sourcing decisions are made with this focus and will continue to follow this approach.