India willing to buy oil from Venezuela but energy security priority; trade deal with US in final stages

After US President Donald Trump on Monday (Feb 2) announced a new deal with India featuring lower reciprocal tariffs on Indian goods to 18% from 50% for which New Delhi would need to halt purchases of Russian oil and sharply increase imports of American goods, the Ministry of External Affairs (MEA) said on Thursday that India remains open to exploring crude oil supplies from Venezuela and other sources.

MEA spokesperson Randhir Jaiswal replying to a question at a press conference held in Delhi said, "There is a history of engagement with Venezuela. We have a long-standing energy partnership with them, ‌and we ‌remain open to exploring options of availability of crude oil from Venezuela and ‌other places, depending on its commercial viability."

He clearly said that energy security for its 1.4 billion people would be his government's top priority, especially in the current international dynamics in the energy sector.

“In so far as India's energy security or sourcing is confirmed, the government has publicly on several occasions, including me here, that that ensuring the energy security of 1.4 billion is the supreme priority of the government."

“Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this. All of India's decisions are taken and will be taken with this in mind,” he added further.

India-US trade deal in final stages

Meanwhile, Union minister Piyush Goyal on Thursday said that United States and India have almost finalised the first tranche of a Bilateral Trade Agreement and a joint statement will be made in this regard in the next 4-5 days.

“Very meaningful discussions are underway between India and the United States of America. Our two leaders have made a decision. The first tranche of our bilateral trade agreement is almost ready. We hope that in the next four to five days we will finalize and sign a joint statement between the United States and India,” Goyal said.

He also said that a formal agreement in this regard will be signed in a month or two.

Goyal pointed out that the new tariff of 18% would only be implemented after a joint statement is made by an executive order passed by the United States.