Prime Minister Narendra Modi and Venezuela's Acting President Delcy Rodriguez held comprehensive talks in New Delhi on Thursday, with the Ministry of External Affairs hinting at a possible increase in crude oil imports from the South American nation. As per The Times of India, MEA Secretary (East) Rudrendra Tandon described the relationship as one of 'perfect complementarity', with both sides exploring opportunities to expand cooperation across the upstream and downstream energy sectors. Venezuela has already emerged as India's third-largest crude oil supplier this month, with Tandon noting that Venezuela views India as a dependable demand partner for years to come. The Venezuelan delegation acknowledged India's support through difficult as well as favourable periods, describing the engagement as 'very businesslike and very substantive'. The talks focused on boosting trade and investment in sectors such as mining, pharmaceuticals, transportation, agriculture, automotive manufacturing and animal husbandry beyond oil cooperation.
Venezuela's acting President Delcy Rodriguez is on a working visit to India from June 3-6 to strengthen bilateral ties in energy, trade and technology sectors, as confirmed by Business Standard. Rodriguez took charge as Venezuela's acting President following the detention of then President Nicolas Maduro by US forces in January. She will be accompanied by several ministers, including the ministers of foreign affairs, economy and finance, science and technology, communication and information, and transportation. During the visit, Rodriguez held talks with PM Modi, external affairs minister S Jaishankar and petroleum minister Hardeep Singh Puri, as per The Times of India. The visit comes as India diversifies its oil import sources to offset supply disruptions caused by the blockage of the Strait of Hormuz. According to the Ministry of External Affairs, the Venezuelan delegation is slated to visit key energy installations, including oil refineries, and also meet top energy industry leaders in Mumbai. As per Reuters, India purchased 427,000 barrels of Venezuelan oil per day in May, making it the second-largest importer after the United States, with Reliance Industries being one of the top three purchasers of Venezuelan crude in recent months.
During her visit, Rodriguez is scheduled to hold bilateral discussions with Prime Minister Narendra Modi and other senior Indian leadership, as confirmed by the Ministry of External Affairs. According to the MEA, the visit will begin with a meeting scheduled with Jaishankar on June 4, followed by official talks with the Prime Minister at Hyderabad House. Rodriguez will also pay homage to Mahatma Gandhi at Rajghat as part of her itinerary. During the high-level discussions, both sides are expected to review the entire spectrum of India-Venezuela relations and explore avenues to deepen cooperation in key sectors, including energy security, trade and investment, pharmaceuticals, healthcare, transportation, and renewable energy. The Ministry of External Affairs noted that the visit will provide an opportunity for both countries to strengthen cooperation and build on the momentum in their bilateral partnership. The MEA had earlier indicated that both sides are expected to review the entire spectrum of India-Venezuela relations and explore avenues to deepen cooperation. As per Essential Business Intelligence, both sides reaffirmed their commitment to deepening the bilateral partnership and advancing the interests of the Global South.
India has emerged as the second-largest importer of Venezuelan oil in May, behind only the US, as reported by Business Standard. This strategic shift comes as India seeks to diversify its energy supply chains amid geopolitical tensions affecting traditional oil routes. India resumed its imports of Venezuelan oil in February when the US eased sanctions on the South American country, with India's oil import strategy reflecting its need to maintain stable energy supplies while navigating global supply chain disruptions. The country's oil import strategy comes as only a handful of refineries in India process heavy Venezuelan crude, making the current scale of imports particularly significant for energy security. According to Reuters, after US President Donald Trump approved a 25% discretionary duty on nations purchasing crude from Venezuela, India ceased purchasing Venezuelan oil last year, but resumed purchases when sanctions were lifted in February following a major oil supply agreement between Washington and Caracas. India was once among the largest buyers of Venezuelan crude, importing over 400,000 barrels per day before purchases were halted due to international sanctions and compliance concerns.
The escalation of conflict involving Iran has led to the closure of the Strait of Hormuz, a key maritime route through which nearly half of India's crude oil imports typically pass. A US naval blockade of Iranian ports has also halted Iranian shipments to India this month. With Gulf flows constrained, India has increased imports from Venezuela, which now serves as a temporary pressure valve in a system still heavily exposed to geopolitical risks in the Middle East. Venezuela's crude is ultra-heavy and sulphur-rich, making it harder to process in many refineries, but it is considered well suited for Reliance Industries' Jamnagar refinery in Gujarat, one of the few global facilities designed to handle such grades efficiently. The visit coincides with supply problems brought on by the US-Israeli conflict with Iran, which has essentially closed the Strait of Hormuz, a vital route that carried over 40% of the South Asian country's imports of crude oil. India is the third-largest oil importer and user in the world. With oil imports from Venezuela resuming, Indian refiners have significantly increased sourcing from the South American nation in recent weeks, as reported by Essential Business Intelligence.
