India’s big state‑owned oil companies, the Indian Oil Corporation Limited (IOC) and Hindustan Petroleum Corporation Limited (HPCL) have bought 2 million barrels of heavy Venezuelan crude oil (called Merey) for delivery in late‑April 2026.
As per reports from Reuters, this deal was arranged through international trader Trafigura and will come in one very large tanker, with IOC getting about 1.5 million barrels and HPCL about 0.5 million. This is HPCL’s first ever Venezuelan oil buy, while IOC has bought Venezuelan crude in the past (in 2024).
Why Does it Matter?
India has long been heavily dependent on Russian crude oil because it was cheap and plentiful in recent years Russia often supplied the largest share of India’s imported crude, but geopolitics and trade talks are changing the equation.
India and the United States have been negotiating a major trade deal, with Washington offering lower tariffs on Indian exports if India reduces or stops importing oil from Russia.
The US government has even removed punitive tariffs that were imposed on India over Russian oil purchases, saying India will stop buying Russian crude directly or indirectly though Indian officials have not formally confirmed this pledge.
In response, Indian refiners are looking to diversify away from Russian supplies, and Venezuelan heavy crude is one alternative because many Indian refineries especially big complex ones can process heavy oil.
That’s why this 2 million‑barrel Venezuelan purchase is symbolic it’s part of India’s effort to show it’s reducing reliance on a single source and increasing flexibility in its oil sources.
What Does It Mean for Russian Oil?
According to Reuters, the picture on Russian oil is mixed, not a sudden stop, but a shift as imports are down recently. Indian refiners’ purchases of Russian crude have fallen to the lowest in about two years at the end of 2025 and early 2026, as sanctions bite and trade talks with the US tighten.
India hasn’t officially stopped buying Russian oil. New Delhi’s government has not formally announced a ban on Russian crude imports. Reports suggest India will continue to secure oil based on “commercial merit” and energy security, not purely geopolitics.
This means Russian oil will likely still be imported, but in smaller amounts, at least in the short term. India is keen to avoid excessive reliance on one supplier especially one tied up in global conflict and sanctions while also keeping trade and diplomatic flexibility.
Instead of 90% reliance on Russia alone, India wants a mix of Saudi/Middle East oil, Venezuelan oil, U.S. oil, and others, balancing economics, refinery needs, and geopolitics.
Russian Foreign Minister Sergei Lavrov has accused the United States of trying to prevent India and other countries from buying Russian oil, describing Washington’s policies as coercive and aimed at achieving global economic domination.
In an interview with TV BRICS, reported by Sputnik, Lavrov alleged that the US was using sanctions, tariffs, and other restrictive measures to pressure nations into abandoning Russian energy resources in favour of more expensive American supplies.
“They (US) tell us that the Ukraine problem should be resolved. In Anchorage, we accepted the US Proposal… The US position was important to us. By accepting their proposal, we seem to have completed the task of resolving the Ukrainian issue and moving on to a dull-scale, broad-based and mutually beneficial cooperation. So far, the reality is quite the opposite,” Lavrov said.
“New sanctions are imposed, a ‘war’ against tankers in the open sea is being waged in violation of the UN Convention on the Law of the Sea. They are trying to ban India and our other partners from buying cheap, affordable Russian energy resources (Europe has long been banned), and are forcing them to buy US LNG at exorbitant prices,” he added.
Lavrov claimed that the United States had set itself the goal of controlling global energy markets and supply routes. He described American measures as “coercive” and incompatible with fair competition, adding that tariffs, sanctions, and outright prohibitions were being used as tools to meet these objectives.
India Asserts Independent Foreign Policy
India has consistently emphasised that its foreign policy is rooted in strategic autonomy and sovereign decision-making, underscoring that New Delhi will engage with all countries on the basis of national interest rather than external pressures.
The Ministry of External Affairs has reiterated that decisions on energy imports and broader international cooperation will be guided by the need to ensure reliable, affordable supplies for Indian consumers and the economic interests of the country, not by what any other power, be it Russia or the United States prefers.
In recent statements, Indian officials stressed that maintaining diversified sources of energy and economic partnerships reflects India’s commitment to safeguarding its own priorities, highlighting the nation’s right to choose its partners in a multipolar world without being bound by expectations from any one bloc.
On Monday, Indian Foreign Secretary Vikram Misri said, “India plans to maintain multiple sources of energy supply and diversify them when needed as New Delhi looks to ensure consumers receive “adequate energy at the right price through reliable and secure supplies.”
Misri was responding to a question at a media briefing seeking clarity on India’s position on the purchase of Russian oil after US President Donald Trump said last week that New Delhi had “committed to stop directly or indirectly” importing it.
“India’s priority is to safeguard the interests of its consumers through an energy policy driven by adequate availability, fair pricing, and reliability of supply,” Misri stated.
“India is neither dependent on any single source for crude oil nor does it “intend to be”, importing from a “mix of sources” depending on “objective market conditions,” Misri said, adding that “national interests” guide both the government and Indian energy companies.
According to Reuters, Trump last week signed an executive order removing the punitive 25% tariff on all imports from India that had been imposed over New Delhi’s purchases of Russian oil.
Earlier, the Kremlin said India’s statement on diversifying its energy supplies did not present anything new. Reuters also reported that India’s imports of Russian crude declined in January, as refiners turned to alternative sources amid tighter Western sanctions and ongoing U.S.–India trade negotiations.