India Reiterates Core Energy Security Strategy Amid US Claims on Russian Oil
In response to recent assertions from the United States regarding India's agreement to halt purchases of Russian crude oil, the Indian government has firmly reiterated its longstanding energy security strategy. The Ministry of External Affairs (MEA) emphasized on Thursday that diversifying energy sourcing in alignment with objective market conditions and evolving international dynamics remains the fundamental pillar of India's approach to securing energy for its 1.4 billion citizens.
Openness to Venezuelan Crude Supplies Reaffirmed
The MEA spokesperson, Randhir Jaiswal, explicitly stated that India remains open to exploring the commercial viability of crude oil supplies from Venezuela. This announcement follows comments earlier this week by US President Donald Trump, who indicated that India had agreed to purchase significantly more energy from the United States and potentially from Venezuela as part of a broader trade agreement.
Venezuela has historically been a crucial energy partner for India, with trade and investment ties spanning decades. The country ranked among India's major sources of crude oil until the fiscal year 2019-20, when imports were discontinued due to international sanctions. These imports briefly resumed in FY 2023-24 before being halted again following the re-imposition of sanctions.
Indian public sector undertakings have maintained a continuous partnership with Venezuela's national oil company since 2008, preserving a strategic presence in the South American nation's energy sector despite geopolitical challenges.
Energy Security as Supreme National Priority
Jaiswal underscored that ensuring the energy security of India's vast population represents the government's supreme priority, a position that has been publicly stated on multiple occasions. "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 official declared.
This strategic framework allows India to navigate complex global energy markets while prioritizing affordable and reliable energy access for its domestic needs, without being constrained by unilateral external pressures.
US-India Trade Agreement Details Clarified
Simultaneously, the MEA provided clarification regarding the recently announced trade deal between India and the United States. The White House had revealed this week that the US is reducing its tariff on Indian imports from 50% to 18%, a significant development that Prime Minister Narendra Modi highlighted will facilitate 'Made-in-India' products being exported to American markets at reduced tariff rates.
Jaiswal confirmed that the final tariff figure stands at 18%, noting that this trade agreement is expected to deliver substantial benefits across multiple sectors. "This trade agreement will give a major boost to India's export, labour intensive industries, job creation, growth and bring prosperity to our people," he stated, emphasizing the positive economic implications for India's manufacturing and employment landscape.
The dual announcements regarding energy security and trade relations illustrate India's balanced diplomatic approach—maintaining strategic autonomy in energy procurement while fostering enhanced economic cooperation through mutually beneficial trade agreements.
