India Exploring Alternative Oil Sources, Trade Deal with US Likely Soon: Ambassador

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Indian officials at India AI Impact Summit discussing global energy and trade cooperation

India Exploring Alternative Oil Sources, Trade Deal with US Likely Soon: Ambassador

India is considering diversifying its oil imports as part of a broader energy security strategy, with discussions reportedly underway with new suppliers. At the same time, progress is being made on a potential India–US trade deal expected to be finalized soon.

Published by Subrat | February 20, 2026

New Delhi: India is exploring new energy partnerships as part of its long-term strategy to diversify crude oil imports and strengthen supply stability. Speaking on the sidelines of the India AI Impact Summit 2026, a senior diplomat highlighted that New Delhi is actively examining alternative suppliers to reduce dependence on limited sources.

Reports suggest that discussions are currently underway regarding potential oil imports from countries such as Venezuela. The move comes amid indications that India may gradually scale down purchases from Russia as it recalibrates its energy mix in response to evolving geopolitical dynamics.

Officials say the diversification drive reflects a pragmatic approach aimed at ensuring uninterrupted energy supply while maintaining strategic flexibility in global partnerships. The effort is part of India’s broader push to balance economic interests with long-term energy resilience.

Beyond energy, diplomatic sources also indicated significant progress on the India–US trade front. A long-awaited bilateral trade agreement is reportedly nearing completion and could be finalized in the near future. The proposed deal is expected to enhance market access, deepen economic cooperation, and reinforce strategic alignment between the two countries.

Observers believe that expanding collaboration in areas such as energy, trade, and technology signals a maturing partnership between New Delhi and Washington. As negotiations continue, the evolving ties are likely to influence broader geopolitical and economic trends in the region.

The developments come as global leaders and technology executives gather in New Delhi for the India AI Impact Summit, a major international event focused on artificial intelligence governance and global cooperation.