NEW DELHI — India is open to buying Venezuelan crude and other barrels if prices, shipping and compliance line up, the Ministry of External Affairs said as New Delhi weighs fresh supply options amid shifting U.S. trade and sanctions signals, Feb. 5, 2026.
Foreign ministry spokesperson Randhir Jaiswal told reporters India “remain[s] open to exploring options” for crude from Venezuela “depending on its commercial viability,” framing the position as energy-security pragmatism rather than a policy pivot, according to Reuters.
Venezuelan crude: a reopening, not a commitment
The renewed chatter follows remarks by U.S. President Donald Trump that India would buy Venezuelan oil as part of an effort to replace some Russian volumes, while noting India had paused those flows after a U.S. tariff threat tied to countries purchasing Venezuelan oil, Reuters reported.
At the same time, the White House has signaled a softer trade posture toward India. Trump said he plans to lower U.S. tariffs on Indian goods to 18% from 25% after India agreed to stop buying Russian oil, the Associated Press reported. Analysts say the mix of tariff diplomacy and crude-sourcing pressure is pushing refiners and policymakers to revisit previously constrained options, including Venezuelan crude.
For Venezuela, the pathway is still shaped by U.S. sanctions architecture. The Treasury Department’s Office of Foreign Assets Control announced it was issuing Venezuela-related General License 46 to authorize certain activities involving Venezuelan-origin oil under defined conditions, according to OFAC.
A long, stop-start relationship
India’s interest is not new. Before U.S. sanctions tightened in 2019, Reliance Industries was among major buyers, and adapted trade flows as restrictions grew, including shipments designed to keep Venezuelan output moving, Reuters reported in 2019.
By late 2020, Indian officials were again publicly floating a return to supplies from sanctioned producers as a diversification play, including Venezuela, Reuters reporting via Al Jazeera noted.
That stop-start pattern continued. In 2024, sources said Reliance had obtained U.S. approval to import Venezuelan oil after seeking authorization, reflecting how license conditions can change purchase decisions quickly, Reuters reported. But tariff-linked pressure returned: in March 2025, sources said Reliance would stop buying Venezuelan crude after a U.S. executive order warned higher tariffs could be imposed on goods from any country that buys Venezuelan oil, Reuters reported.
Now, India’s message is that it will keep the door open—without promising volumes. Whether Venezuelan crude returns meaningfully to India’s import slate will depend on discounts versus alternatives, payment and shipping logistics, and whether refiners can keep transactions squarely within evolving U.S. rules.
