India says open to 'commercial merits' of Venezuelan crude imports

India remains open to importing crude oil from Venezuela if it is commercially viable, as the country prioritizes diversifying its energy sources to meet the needs of its 1.4 billion people, an Indian foreign ministry spokesperson said Feb. 5.

The world's third-largest oil consumer halted Venezuelan crude purchases after US sanctions were reimposed, but maintains the option to resume imports based on commercial merits and market conditions, foreign ministry spokesperson Randhir Jaiswal said.

"Ensuring the energy security of 1.4 billion Indians is the supreme priority of the government," Jaiswal said at a news briefing in New Delhi in response to a query on whether India would halt Russian crude purchases. "...Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options, including from Venezuela."

US President Donald Trump on Feb. 2 said Indian Prime Minister Narendra Modi had agreed to stop buying Russian oil and purchase more oil from the US, and possibly Venezuela, following a key US trade deal with India.

Jaiswal said India imported Venezuelan crude until 2019-20 before stopping due to US sanctions on the state oil company PDVSA. The country resumed purchases in 2023-24 but halted them again when Washington reimposed restrictions on Venezuela's oil sector, he said.

Indian state-owned oil companies have maintained partnerships with PDVSA since 2008, with investments in Venezuela's energy sector spanning both trade and upstream operations, Jaiswal said.

"Indian PSUs have established partnerships with the national oil company of Venezuela, PDVSA, and they have maintained a presence in the country since 2008," the spokesperson said.

The comments come as India seeks to balance its energy security needs in compliance with international sanctions. The country has previously increased crude imports from Russia following Western sanctions on Moscow, demonstrating its willingness to pursue diverse supply sources when commercially viable.

India's crude buying has undergone transformative changes in 2026, with significantly lower volumes of Russian Urals and incremental growth in Middle East Gulf barrels making up its portfolio as of January, S&P Global Commodities at Sea data shows.

Total Russian exports to India were 436,000 b/d in January, down from 1.5 million b/d a year earlier, CAS data shows. Exports from the US totaled 235,000 b/d in January, up from just 141,000 b/d in January 2025, according to CAS.