US Secretary of State Marco Rubio said on Tuesday that Indian energy companies could process Venezuelan heavy crude oil and help strengthen global supplies during his visit to India.
Rubio noted that Reliance Industries had previously refined Venezuelan crude and possessed the technical expertise needed to resume processing if additional supplies became available. He described India as a major global refining power, highlighting the importance of its facilities in international energy distribution.
The US secretary of state also said Indian companies already held oil concessions in Venezuela that could support increased production. Although Venezuelan crude alone would not resolve global supply shortages, he suggested that additional output could provide meaningful short-term relief.
However, Rubio acknowledged that existing US sanctions on the government of Venezuelan President Nicolás Maduro could create legal and operational challenges. He said Washington and New Delhi would need to address these restrictions before expanding cooperation.
Rubio emphasized that energy security was closely connected to national security, warning that disruptions in energy supplies could trigger conflict and economic instability. He also welcomed India’s efforts to reduce its dependence on Russian oil imports, calling the move sensible while recognizing that changing established supply arrangements would take time.
US India Trade Agreement Nears Completion
Rubio also announced progress toward a bilateral trade agreement intended to settle ongoing economic disputes between Washington and New Delhi. He said negotiations were nearing completion, with only a limited number of outstanding issues remaining.
His comments followed Indian Commerce Minister Piyush Goyal’s announcement that the initial phase of the agreement had entered legal drafting.
Trade relations between the two countries deteriorated last year after US President Donald Trump’s administration imposed tariffs of 50 per cent on Indian imports, partly in response to India’s continued purchases of Russian crude oil.
In February, both countries announced an interim framework designed to resolve their trade differences. Bilateral trade reached approximately $149.4 billion last year, reflecting the significant economic relationship between the two strategic partners.
PRESS UPDATE