Hardeep Singh Puri, India’s Union Minister for Petroleum and Natural Gas, reaffirmed the nation’s long-standing acquisition of crude oil from Venezuela, noting that Indian refineries can handle the heavier oil that Venezuela produces.
Puri, speaking after the India Energy Week 2026, highlighted the long-term partnership with Venezuelan oil and mentioned that numerous international delegations, including Venezuelan ones, were present at the event. The Union Budget 2026–27, he said, is “very positive” and “forward-looking”, and it will help India continue its rapid economic growth and ease the country’s energy transition, two of his ministry’s top priorities.
Upstream extraction companies and downstream integrated refineries with petrochemical capabilities are both benefited by the budget, according to Puri. Regarding vital minerals, he clarified that many government agencies are working to increase exploration, with the state-owned Oil India Limited taking the lead.
In line with the worldwide movement toward cleaner energy, he also noted that new refineries are being built with integrated petrochemical manufacturing in mind.
In a move toward a change in global energy alliances, Puri’s remarks come after those of U.S. President Donald Trump, who had previously suggested that India purchase oil from Venezuela rather than Iran.
