India has long imported Venezuelan oil and is ready for more, says Petroleum Minister

In light of the recent comment by US President Donald Trump on India importing oil from Venezuela, India's Minister for Petroleum and Natural Gas Hardeep Singh Puri has said that India has been buying oil from Venezuela since a long time, with PSU ONGC's officials too stationed in the Latin American country. He confirmed that Prime Minister Narendra Modi held a telephonic conversation with the Venezuelan President, following the participation of a Venezuelan delegation at last week's India Energy Week. He added that despite possessing massive reserves, Venezuela currently produces only one million barrels a day due to significant under-investment.

Speaking to CNBC-TV18's Abhimanyu Sharma, the Minister highlighted India's readiness to resume larger volumes, noting that two to three Indian refineries are specifically configured to process heavy Venezuelan crude, with both PSU OMCs as well as private sector players having a history of purchasing oil from Venezuela.

​On expansion in the Western Hemisphere, the Minister emphasized that India is looking across the Western hemisphere to secure its energy future, specifically pointing to Canada as a long-term partner. ​"Canada has said that if one country has 8 years of crude oil reserves, they have 100 years of reserves," Puri remarked. Currently, Indian Oil Corporation Limited (IOCL) holds active investments in Canada. The company is exploring options to either liquefy and transport these resources to India or sell them directly in the global market.

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On the topic of energy imports from the United States, the Minister revealed that 10% of India's total LPG imports now originate from the US, which represents a significant shift from five years back when India's import basket was limited to 8 lakh barrels from only five sources. He highlighted that historically, India’s LPG sourcing was restricted to Saudi Arabia based on the Saudi contract price. However, the portfolio has since expanded to include the UAE, Qatar, Norway, and the US. ​"Energy imports in terms of geography of sourcing are largely market-driven," Puri explained, noting that the basket is constantly adjusted based on discounts and price fluctuations to ensure the best value for the Indian economy.