India is looking for a balanced alternative to oil imports from Russia, America and Venezuela to ensure energy security of its 1.4 billion citizens. India’s strategies and decisions are based on national interest amid US tariffs and geopolitical pressures.
Energy Security India: India is making energy security a top priority for its 1.4 billion citizens as it decides where to buy crude and refuted claims it has agreed to stop buying Russian oil and shift purchases to the US and Venezuela. This statement comes after US President Donald Trump said that after a phone conversation with Prime Minister Narendra Modi, New Delhi has agreed to stop buying Russian oil.
What changes did India make in oil sourcing recently?
In the last few years, India has made a major change in its crude oil sourcing. Earlier India was mostly dependent on Middle-Eastern suppliers. But now Russia has become India’s largest oil supplier. By 2023, Russia’s share was more than 38%. Now India is increasing imports from America and other countries also. The main reason for this is geopolitical pressure and changes in prices.
What is the impact of US tariffs on India’s oil imports?
Due to American tariffs and sanctions, India has to look for alternatives. If tariffs increase to 500%, oil imports will become expensive and inflation and economic growth will be affected. This is why India is now looking at the possibility of buying oil from America and Venezuela also.
How does India balance energy security and geopolitical pressures?
India aims to balance its energy security needs and geopolitical pressures by diversifying its oil sources. Although it has historically been dependent on Russian crude, the need to respond to US sanctions and tariffs has led India to increase imports from other countries, including the US and Venezuela. This strategy reflects India’s commitment towards securing energy supplies while managing complex international relations.
Why is India not stopping buying Russian oil?
After Russia’s attack on Ukraine in February 2022, India had intensified its purchase of discounted Russian oil. US officials allege that these purchases help Russia’s war efforts. But India says that its decisions are based only on market and national needs.
Why choose to buy oil from Venezuela?
Addressing reporters at the weekly briefing, External Affairs Ministry spokesperson Randhir Jaiswal said India’s approach towards energy procurement is guided by national interest and market realities. “As far as India’s energy sourcing is concerned, the government has publicly stated on several occasions that ensuring energy security of 1.4 billion Indians is the government’s top priority,” Jaiswal said. He further said, “A key part of our strategy is to ensure that our energy sourcing is diversified, in line with objective market conditions and changing international dynamics. All of India’s steps are and will be taken with this in mind.”