India conditions the purchase of Venezuelan crude on its 'viability' amid US pressure
The Indian government responded this Friday to expectations of possible Venezuelan oil purchases, strictly conditioning it on its 'commercial viability,' in light of recent statements by the United States, which presume an Indian commitment to abandon Russian crude. 'Regarding Venezuela, we have said that if it is commercially viable, then we will explore the purchase of oil. Our position remains the same,' stated the spokesperson for the Indian Ministry of Foreign Affairs, Randhir Jaiswal, at a press conference.
TL;DR
- India will only consider purchasing Venezuelan oil if it is commercially viable.
- This stance follows US Ambassador to New Delhi Sergio Gor's statement about India's commitment to diversify its crude oil sources away from Russia.
- India, which imports over 80% of its oil, became Russia's largest crude oil customer in 2022.
- India seeks guarantees against future interruptions of Venezuelan oil supply due to sanctions.
- Concerns exist about Venezuela's physical capacity to meet India's demand, which is currently met by 1.7 million barrels per day from Russia.