New Delhi, June 05: India and Venezuela have taken another step towards strengthening their energy relationship, with Union Petroleum and Natural Gas Minister Hardeep Singh Puri holding high-level discussions with Venezuela’s Acting President Delcy Rodriguez in New Delhi.
The meeting focused on expanding bilateral energy cooperation, increasing crude oil trade, and encouraging greater participation of Indian companies in Venezuela’s evolving oil and gas sector.
India Backs Venezuela’s Energy Reconstruction
During the discussions, Puri reaffirmed India’s support for Venezuela’s energy sector transformation and conveyed that Indian companies are prepared to deepen their presence in the Latin American nation.
According to the Ministry of Petroleum and Natural Gas, India views Venezuela as an important partner in its strategy to diversify energy imports and strengthen long-term energy security.
The minister highlighted the strong complementarities between the two countries, with Venezuela possessing vast hydrocarbon resources and India offering growing energy demand, advanced refining capabilities, and technical expertise.
Venezuela Invites Greater Indian Participation
Acting President Rodriguez welcomed Indian companies to participate more actively in Venezuela’s reformed oil and gas sector.
She invited an Indian energy delegation to visit Venezuela and explore new investment and collaboration opportunities in upstream and downstream energy projects.
Officials said the discussions covered ways to build a durable energy partnership capable of supporting the long-term interests of both countries.
Venezuela Emerging as Key Crude Oil Supplier
The engagement comes as India seeks to diversify its crude oil sourcing amid disruptions in global energy markets and concerns over supply routes linked to the West Asia crisis.
Venezuela, which holds the world’s largest proven crude oil reserves, has emerged as one of India’s fastest-growing oil suppliers in recent months.
According to official figures:
- India’s average monthly crude imports from Venezuela increased from 64.027 thousand metric tonnes (TMT) during FY 2025-26.
- Imports surged to 1,047.148 TMT during April-May of FY 2026-27.
The sharp rise underscores the growing importance of Venezuela in India’s energy basket.
India’s Refineries Well-Suited for Venezuelan Crude
One of the key advantages in the partnership is India’s ability to process Venezuela’s heavy crude oil.
Indian refiners possess sophisticated refining infrastructure capable of handling heavier grades of crude, making Venezuela a natural supplier for the country’s energy requirements.
Industry experts believe this compatibility can support further expansion in bilateral oil trade and investment cooperation.
Energy Diversification Strategy Gains Momentum
India’s engagement with Venezuela forms part of a broader effort to diversify energy imports and reduce dependence on any single region.
As geopolitical uncertainties continue to affect global oil markets, New Delhi has been actively exploring partnerships with multiple energy-producing nations to strengthen supply security and maintain stable access to crude oil.
The latest discussions signal growing momentum in India-Venezuela energy relations and could pave the way for deeper collaboration across exploration, production, refining, and energy infrastructure.
Key Highlights
- Hardeep Singh Puri met Venezuela’s Acting President Delcy Rodriguez in New Delhi.
- India reaffirmed support for Venezuela’s energy sector reforms.
- Indian companies expressed readiness to expand operations in Venezuela.
- Venezuela invited an Indian energy delegation to explore investment opportunities.
- Venezuela has become one of India’s top crude oil suppliers in 2026.
- India’s crude imports from Venezuela have risen sharply in recent months.
- Both countries discussed long-term cooperation in upstream and downstream energy sectors.
- Partnership supports India’s energy diversification strategy.
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