US curbs on Venezuela unlikely to affect India’s energy security

Import volumes from Venezuela declined drastically after India pared purchases due to US sanctions

- Rajeev Jayaswal

The US action against Venezuela may not impact India’s energy security as New Delhi's total petroleum (crude and products) imports from the Latin American nation was around $326 million in April-August 2025, which is 0.36% of its total petroleum imports worth $91 billion in the same period.

India, which used to import a significant quantity of Venezuelan crude before 2020, almost stopped purchasing all kinds of crude and petroleum products from Venezuela after the US imposed sanctions in January 2019 during President Donald Trump's first tenure.

According to the latest available government data, India’s total petroleum imports from Venezuela plunged from $6.03 billion in 2019-20 to $644 million in 2020-21, which further fell to $0.06 million in 2021-22.

After Trump's first term, the Joe Biden administration (January 2021 to January 2025) gradually gave reliefs from the sanctions. Despite that, India’s petroleum imports from the country remained subdued.

India’s petroleum imports from Venezuela rose to $123.66 million in 2022-23 and $931.78 million in 2023-24, data showed.

In 2024-25, petroleum imports climbed to $1.54 billion only to fall sharply during the second Trump administration. India’s total Venezuelan energy import in the first five months (April-August) of the current financial year was less than $326 million, according to the data.