Russian Oil Import Issue: As the details of the US-India trade deal were made public with the release of a joint statement on Saturday, one question is on everyone's mind: How will the Indian government move forward with regard to importing oil, especially from its all-weather friend Russia? Union Commerce Minister Piyush Goyal, who held a presser on the details of the India-US trade deal on Saturday, evaded a question on the Russian oil issue, saying the Ministry of External Affairs (MEA) will give information on the matter.
MEA Explains India's Oil Strategy
Recently, MEA spokesperson Randhir Jaiswal made attempt to clear doubts on India's strategy in light of America's demand, saying India has a strategy to diversify energy purchases to meet the needs of 1.4 billion people.
ALSO READ: ‘That MEA Will Tell’: Piyush Goyal On Whether India Will Keep Buying Russian Oil
At a press conference in New Delhi, a reporter asked Jaiswal what the government's strategy was on US President Donald Trump's claim that India has agreed to stop buying Russian oil and shift to buying crude from Venezuela and the United States. The MEA spokesperson replied by saying diversifying energy sourcing in keeping with objective market conditions and evolving international dynamics.
ALSO READ: US Rolls Back 25% Punitive Tariff On India For Buying Russian Oil, Trump Signs Executive Order
"Insofar as India's energy security or energy sourcing is concerned, the government has stated publicly on several occasions, including me here, that ensuring the energy security of 1.4 billion Indians is the supreme priority of the 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 decisions are taken and will be taken with this in mind," he explained.
MEA Explains India's Strategy On Venezuelan Oil
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, he said, adding that India was importing energy or crude oil from Venezuela till 2019-20 and thereafter the government had to stop.
ALSO READ: 'Dost Dost Na Raha': Congress Takes Dig At Govt Over India-US Trade Deal
"Again, we started buying oil from Venezuela in 2023-24, which was halted because of the re-imposition of sanctions. As you are aware, Indian PSUs have established a partnership with the National Oil Company of Venezuela, PDVSA, and our PSUs have maintained a presence in the country since 2008. Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options, including from Venezuela," Jaiswal said.
US Removes 25 Per Cent Tariffs Imposed On India For Russian Oil Purchases
Earlier, the Trump administration removed the 25 per cent tariffs it imposed on India for purchasing Russian oil, citing that the country has undertaken "significant steps" and New Delhi has committed to stop directly or indirectly importing oil from Moscow.
"I have received additional information and recommendations from senior officials regarding India's efforts to address the national emergency described in Executive Order 14066. Specifically, India has committed to stop directly or indirectly importing Russian Federation oil, has represented that it will purchase energy products from the United States, and has recently committed to a framework with the United States to expand defence cooperation over the next 10 years," Trump said in an executive order on Friday.
(With agencies inputs)