India is also in conversation with countries such as Guyana, Suriname and Namibia to source crude oil, said Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.

Mar 29, 2024

India will be sourcing oil from Venezuela in lieu of stuck dividends worth USD 600 million. Besides, the nation was in talks with several countries such as Guyana, Suriname and Namibia to source crude oil.

The announcement was recently made by Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.

Mr. Puri said the country will comfortably navigate through any market volatility and supply crunch arising as a result of the OPEC cuts.

He was referring to the recent decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to extend their production cuts.

As per media reports, the OPEC+ grouping, which includes Russia, has decided to extend its voluntary crude supply cuts until the end of June. Saudi Arabia will extend its voluntary crude output cut of 1 million barrels per day. 

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The Minister said that any decision taken by OPEC+ was their sovereign decision. However, India, currently the world’s third-largest importer of crude, will surely be able to navigate through this, he added.

India imports about 85 percent of its energy requirements and any supply crunch and eventual rise in global oil prices as a result of OPEC’s decision would increase India’s import bill.