India is actively re-evaluating its crude oil sourcing strategy, with a notable shift towards potentially re-engaging with Venezuela, as mounting geopolitical risks surrounding its significant imports from Russia intensify. This strategic pivot comes in response to escalating pressure from the United States, which has threatened substantial tariffs on Indian goods due to New Delhi's continued reliance on discounted Russian oil following the Ukraine conflict. Private refiners like Reliance Industries, previously a major Indian purchaser of Venezuelan crude, have expressed their willingness to resume imports if US sanctions are eased to allow sales to non-US buyers. Indeed, Reliance recently announced it expects no Russian crude deliveries in January, signaling a concrete move to diversify. India's imports of Russian oil had already fallen to a three-year low in December, with further reductions anticipated. The US administration has indicated a readiness to allow India to buy Venezuelan oil under a new US-controlled framework, highlighting a potential easing of restrictions. Venezuela, possessing the world's largest proven oil reserves, was historically among India's top oil suppliers before stringent US sanctions were imposed in 2019, which severely curtailed its exports and India's imports. The recent US actions in Venezuela, including the capture of President Nicolas Maduro, have initiated discussions about unlocking the country's oil exports and potentially reviving production, which could offer India a politically acceptable diversification option. While analysts suggest that any material impact from increased Venezuelan crude on India's energy mix might be more structural and long-term due to infrastructure challenges, renewed access could improve feedstock optionality for Indian refiners and strengthen India's negotiating leverage with other suppliers. This complex geopolitical dance underscores India's delicate balancing act between securing affordable energy, managing international relations, and safeguarding its economic interests.