New Delhi: India’s energy security and economic exposure to the escalating crisis in Venezuela are expected to remain largely unaffected, according to fresh data and expert assessments following recent developments in the South American nation.
The crisis in Venezuela — marked by a US military operation, the capture of President Nicolás Maduro, and ongoing geopolitical instability — has raised global concerns about oil market disruptions. However, economists and trade analysts say the direct impact on India will be minimal to negligible given India’s limited current engagement with Venezuelan crude and diversified energy sourcing strategies.
Data from think tanks and trade bodies highlight that India’s bilateral trade with Venezuela has contracted sharply in recent years, especially since stringent US sanctions were first imposed in 2019. Crude oil — once the dominant component of imports — fell dramatically, with total Venezuelan oil imports in FY2025 amounting to just about $255 million, down from over $1.4 billion the previous year. India’s total trade with Venezuela last fiscal was a marginal fraction of its overall foreign trade envelope.
India’s energy security has been increasingly underpinned by diversified crude sources — including the Middle East, Africa, and Russia — reducing reliance on any single supplier. While Venezuela holds one of the world’s largest proven oil reserves, its actual production and export volumes have been constrained by infrastructure decay, sanctions and logistical challenges, limiting its role in global crude markets.
Government Response and Outlook
The Indian Ministry of External Affairs has expressed deep concern over the humanitarian and geopolitical fallout in Venezuela, urging restraint and peaceful dialogue among involved parties. This diplomatic stance reflects India’s broader policy of strategic autonomy and constructive engagement in global crises.