The U.S strikes on Venezuela and the ongoing crisis there are unlikely to significantly influence India’s energy security as India is heavily insulated from this shock. One of the main reasons India is unlikely to be heavily affected is the sharp decline in trade between the two countries over the past few years. The data cited by the Global Trade Research Initiative (GTRI) shows that India’s total imports from Venezuela in 2024–25 stood at only about USD 364.5 million. Out of this, crude oil imports accounted for roughly USD 255.3 million. This was a steep drop of over 80% compared to the previous year, when India imported crude worth around USD 1.4 billion from Venezuela. India’s exports to Venezuela are also quite small. In 2024–25, exports were valued at about USD 95.3 million, with pharmaceuticals forming the largest share. These modest numbers clearly indicate that Venezuela does not play a major role in India’s trade ecosystem today. The data from the Ministry of Commerce and Industry also reveals that India imported $255.3 million worth of oil from Venezuela in the current financial year up to November 2025, about 0.3% of its total oil import during this period.

India was a major buyer of Venezuelan crude back in 2000s and 2010 like Indian firms such as ONGC Videsh held upstream stakes in the Orinoco belt. However, this bilateral engagement has weakened sharply since 2019 as India has been cutting its oil imports and commercial engagements with Venezuela in response to U.S. sanctions and threats of secondary sanctions, low trade volumes........

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