Global discussions are intensifying regarding political and geo-economic changes in Venezuela. According to reports and the Global Trade Research Initiative, if the balance of power there changes and US sanctions are eased, the overall impact on India may be limited, as the current trade between the two countries is very low. However, in the period 2000–2010, India used to import crude oil from Venezuela on a large scale. ONGC Videsh, IOC and Oil India had also invested in Orinoco Belt, but after 2019 this business almost stopped due to US sanctions. In today’s situation, Reliance Industries can get the most benefit. The Jamnagar refinery can process heavier Venezuelan crude, which is cheaper. Margins and profits can increase if imports become easier, signs of which are visible in the market.

US President Donald Trump once claimed on Saturday (25 October 2025) that India has completely cut oil imports from Russia. He said that this step of India is a big step towards strategic partnership with America. However, India has earlier rejected all such claims and clarified that the decision to purchase oil is based on its national interests and not on external pressures.

The Trump administration said that economic and financial sanctions are being imposed on these companies to prevent the Russian energy sector from funding the war machine. These sanctions include freezing the assets of two Russian companies Rosneft and Lukoil in the US, barring American citizens from any financial transactions with them and appealing to global partner countries to maintain trade distance with them. The move is a direct hit to Russia’s economy as Rosneft and Lukoil control about 45% of Russia’s total oil exports.

What is India’s stance on Russian oil?

Soon after Trump’s claim, Indian Foreign Ministry sources once again reiterated that India will continue to buy crude oil from Russia as it is an important part of energy security and cheap supply. India says that unless there is an official ban at the United Nations (UN) level, no country can stop it from buying oil from a particular seller.

An official of India’s Energy Ministry said on condition of anonymity that our priority is to ensure that India gets cheap and stable oil. We cannot compromise with our interests. Trump has earlier also claimed that India will gradually stop buying oil from Russia, but India’s purchase figures show that Russia is still India’s largest crude oil supplier, ahead of Saudi Arabia and Iraq.

Trump’s next diplomatic move

Trump also said during his announcement that he expected a full trade deal when he met with Chinese President Xi Jinping in South Korea. He said that we will also talk about fentanyl (a deadly drug) and agricultural trade. It is killing many Americans and it comes from China. This meeting is taking place at a time when tension between America and China is at its peak regarding technical restrictions, trade balance and raw material supply chain.

Also read: Pakistan irritated with Salman Khan for calling Balochistan a separate country, declared him a terrorist

India oil import: The demand for oil in India is constantly increasing. According to a new report by OPEC, an organization of petroleum exporting countries, India is going to have the highest number of oil demands in the world in 2025 and 2026. This is more than doubled more than China. India is one of the fast growing economies in the world. The demand for energy is also increasing day by day. As a result, oil demand in India is estimated to increase from 5.55 million barrels per day (BPD) to 5.74 million BPD in 2024, which reflects a 3.39 percent lead.

America imports oil the most

According to the report of the news agency PTI, this increase is expected to continue in 2026, which will reach 5.99 million BPD, which shows an increase of 4.28 % in a year. In contrast, oil demand from China is estimated to increase only 1.5 % in 2025 and 1.25 percent in 2026. This shows that the highest consumption of oil in the world is being done in India.

Despite this, America is at the top among the highest number of oil. Its estimated demand in 2025 will be 20.5 million BPD, followed by China with 16.90 million BPD and 17.12 million BPD in 2026. In view of the rapidly increasing consumption of oil, India is third in this list. In 2025 and 2026, the demand for oil from the US is likely to increase a slight increase of 0.09 and 0.6 percent respectively.

India imports so much percent of oil

According to previous estimates by OPEC, oil demand is expected to increase by 1.3 million BPD in 2025 and 2026. OPEC said, India’s economy is moving fast. The current pace of strong economic development is expected to continue, which is inspired by consumer expenses, investment and government support for major sectors.

India currently imports more than 85 % of its crude oil requirement. After this, through refining, it is converted into fuels like petrol and diesel. OPEC reported that India’s crude oil imports in March reached a record high 5.4 million BPD, which shows an increase of more than 5 % in a month.

Also read:

Why is hydrogen truck many times more expensive than mango diesel truck? Adani Group launched it in Chhattisgarh

India oil and lng import: India’s third largest crude oil importer and consumer India can save up to Rs 1.8 lakh crore on liquefied natural gas (LNG) and crude oil imports. This has been revealed in the estimate of rating agency ICRA.

In the financial year ending 31 March, 2025, India spent $ 242.4 billion on crude oil imports. India meets the need for more than 85 % crude oil from imports. In addition, $ 15.2 billion is spent on LNG imports as almost half of the demand for LNG in India meets domestic production.

There can be so much savings on oil and LNG imports

In the beginning of this week, oil prices came to a four -year low of $ 60.23 per barrel amid increasing concerns over global supply amid uncertain demand. Rating agency Iqra has estimated that the average crude oil prices for FY 2026 (April 2025 to March 2026) will be within $ 60-70 per barrel.

In such a situation, savings of Rs 1.8 lakh crore on import of crude oil and Rs 6,000 crore on import of LNG are possible. A reduction in crude oil prices will cause savings, but the refiner may also face inventory deficit. In addition, the possibility of further increase in excise duty cannot be ruled out.

The common man also benefits

If this trend of softening on energy rates at the international level remains intact, then the general public of the country can also benefit from it. Petrol and diesel prices can be reduced in the coming days, this will also save the common man.

Also read:

India broke all records, sent so many billion dollars to America; Why did this rise in export?