India Continues Long-Standing Venezuelan Oil Purchases, Says Hardeep Puri
Union Minister Hardeep Singh Puri confirmed India has been buying oil from Venezuela for a long time, stating the country will source crude from wherever it gets the most affordable price. The Petroleum Minister’s remarks come as India resumes imports following a US sanctions relief.
Key Details
- India’s crude oil import bill has reduced from $120 billion to $85 billion.
- Venezuela holds the world’s largest oil reserves.
- India imported 1.52 lakh barrels per day from Venezuela in January 2024.
Affordability Drives India’s Oil Strategy
Speaking at the India Energy Week in Goa, Puri addressed reports of resumed Venezuelan crude purchases. “We have been buying (oil) from Venezuela for a long time. We buy from wherever we get the most affordable price,” he told reporters.
As the world’s third-largest oil importer, India depends on diverse global sources to meet domestic demand. This pragmatic approach continues despite geopolitical shifts.
Sanctions Timeline and Impact
India halted Venezuelan oil imports after US sanctions were imposed in 2019. The situation changed in October 2023 when the US temporarily eased sanctions, following an election agreement between President Nicolas Maduro’s government and the opposition.
This policy shift allowed India to resume imports. Data from energy cargo tracker Vortexa confirms January imports reached 1.52 lakh barrels per day.
The minister’s statement reinforces India’s consistent energy policy: securing the most economical oil supplies for its growing economy, regardless of source.
