Now India will not buy oil from Russia?
For the past few days, there has been a lot of discussion in the international market regarding India’s oil purchase policy. A claim by US President Donald Trump had created a stir in global diplomacy, in which it was said that India has agreed to stop buying oil from Russia and instead buy oil from America or Venezuela. But, is this really going to happen? The statements coming from the Government of India have made the picture completely clear.
Venezuela is an old friend of India
The Ministry of External Affairs has made it clear that Venezuela has been an old energy partner of India. Till 2019-20, until sanctions were imposed there, Venezuela was a major source of crude oil for India. When the restrictions were relaxed in between, procurement started again in 2023-24, but it had to be stopped when the restrictions were re-imposed.
Now India’s stand is clear…if the prices are right and there is no obstruction in supply, then India is ready to consider options to buy oil from Venezuela. Indian public sector companies (PSUs) have had a presence there since 2008, which shows that India wants to keep future options open.
Government’s priority is the interest of 140 crore Indians.
The most important aspect of this entire exercise is the common Indian citizen. The Ministry of External Affairs has stressed that the government’s top priority is to ensure ‘energy security’ of 140 crore Indians. This simply means that the government wants to ensure that there is no shortage of petrol and diesel in the country and the prices remain under control.
India’s strategy is not to depend on any one country, but to have ‘diversity’. Keeping in view the market conditions, the government will buy oil from where it will get the best deal. Be it Russia, America or Venezuela, the decision will be taken keeping in mind the changing international equations and national interest.
Russia’s reply, India is free to take its own decisions
At the same time, Russia has reacted to this entire matter in a very measured manner. When the question arose whether India was distancing itself from Moscow, Kremlin spokesperson Dmitry Peskov clarified that he had not received any official information from India regarding stopping oil purchases. Russia says that India is a sovereign nation and it is completely free to buy crude oil from any country as per its needs.
Peskov also clarified that Russia has never been India’s only oil supplier. He said that New Delhi has always been buying energy products from different countries. If India is diversifying its options, then it should not be considered a step against Russia.