The Ministry of External Affairs (MEA) said India aims to ensure stable energy prices and secure supplies. It also plans to diversify its energy sourcing to meet market conditions. The MEA noted that India has long sought to expand energy procurement from the US, and current discussions are ongoing to strengthen cooperation.

Commerce Secretary Rajesh Agrawal said India’s oil imports from the US have fallen from $25 billion to around $12–13 billion in recent years. He added that India can increase purchases by $12–15 billion without adjusting refinery configurations. He also emphasized that diversifying energy imports remains India’s best strategy.

Petroleum Minister Hardeep Singh Puri highlighted that Indian oil purchases from Russia have helped stabilize global prices. Russian crude imports remain capped at $60 per barrel and are never under sanctions. India continues to avoid purchasing oil from countries under sanctions, Puri affirmed.

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ONGC Videsh, which holds stakes in Venezuelan oilfields worth hundreds of millions, struggles to repatriate dividends and meet US licensing rules. Each tightening of sanctions blocks cash flows and freezes assets, creating financial risks for the company.

The impact goes beyond oil. Pharmaceutical exports to Venezuela, worth $111 million in 2024, face delays and compliance challenges. Lessons from the 2016 “oil-for-drugs” program highlight the need to link trade to tangible assets and reduce dependence on Western financial channels.

Energy expert Yash Malik warns that India must diversify partnerships with Venezuela, Russia, and Iran. The country should strengthen legal and financial measures to bypass unilateral restrictions. New Delhi must secure shipments, protect investments, and assert an independent energy strategy.

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India currently imports around 1.5 million barrels per day, with Russian supplies reducing costs, according to Emkay Wealth Management. The report noted that future price movements will depend on US sanctions and tariff policies. China is also increasing its Russian oil imports to meet domestic demand.

With India and China sourcing heavily from Russia, oil prices are expected to stay range-bound, benefiting importing nations. Lower energy costs are vital for India to curb inflation and stabilise the economy. Analysts highlighted that India’s strategy balances geopolitical shifts and domestic priorities.

US Energy Secretary Chris Wright praised India as an “awesome ally” with growing energy demand. He emphasized stronger India-US energy cooperation, while Commerce Minister Piyush Goyal also called for expanding bilateral energy trade. Both leaders highlighted the mutual benefits of a robust partnership in energy.

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