India on Thursday responded to US President Donald Trump's statement on India's oil imports, in which he claimed New Delhi has agreed to halt crude oil from Russia and would explore the Venezuelan market.
Responding to an ANI question, the Ministry of External Affairs, Randhir Jaiswal, said India remains open to exploring the commercial merits of any crude supply, including from Venezuela. He highlighted that New Delhi had imported crude oil from Venezuela earlier, too, but it had to pause twice-- 2019 and in 2023.
India remains open to expore new market: MEA
"As far as Venezuela is concerned, it has been a long-standing partner for us in the area of energy, both on the trade side and also on the investment side. We were importing energy and crude oil from Venezuela until 2019-20, after which we had to stop. Again, we began buying oil from Venezuela in 2023-24 but had to stop after sanctions were reimposed...,” he told ANI.
“Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply, including from Venezuela,” added MEA spokesperson.
MEA on diversifying oil import
Jaiswal asserted India's stance is totally based on its 1.4 billion people and added this remains its top priority; however, he refrained from direct answer whether New Delhi will continue Russian oil or will halt completely. "The government has stated publicly on several occasions that ensuring the energy security of 1.4 billion Indians is the supreme priority of our government. 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 decision were taken and will be taken with this in mind," said Jaiswal.
India-US trade deal
The bilateral trade agreement between India and the United States was announced on Monday, with tariffs on Indian goods reduced from 50 per cent to 18 per cent. In a press conference on Tuesday, Union Commerce Minister Piyush Goyal said the final agreement is in its last stages, a view echoed by US Trade Representative Jamieson Greer, who stated the deal is "still being papered."
A joint statement outlining the details is expected later.
Meanwhile, Russia also weighed in on the developments. Russian Foreign Ministry Spokesperson Maria Vladimirovna Zakharova said there was no reason to believe India would reconsider its energy cooperation with Russia. "No reason to believe India has reconsidered its approach to energy cooperation with Russia," Zakharova said, adding, "The trade in resources is beneficial for both sides and contributes to maintaining stability in the international energy market."
(With inputs from agency)