India, Venezuela Eye Deeper Energy Partnership As Oil Ties Deepen

India said it was ready to deepen its energy ties with Venezuela, with Petroleum and Natural Gas Minister Hardeep Singh Puri telling Venezuelan Interim President Delcy Rodriguez that Indian firms were keen to boost their presence in the country’s energy sector.

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The discussions took place during Rodriguez’s visit to New Delhi, where both sides explored opportunities to enhance bilateral energy cooperation. According to a statement from India’s Ministry of Petroleum and Natural Gas, Puri reiterated India’s support for Venezuela’s efforts to revive and expand its energy industry and said Indian firms were prepared to play a larger role in the country’s oil and gas ecosystem.

The meeting comes at a time when energy security remains a key priority for India, one of the world’s largest crude oil importers. Venezuela has re-emerged as an important supplier of crude oil to India following the easing of certain restrictions on energy trade earlier this year.

Venezuela Among Key Oil Suppliers

India was the second-largest buyer of Venezuelan crude in May, importing about 427,000 barrels per day, as per Reuters data. The Indian government also stated that Venezuela ranked among the country’s major crude suppliers during April and May.

During the discussions, Rodriguez invited an Indian energy delegation to visit Venezuela and evaluate opportunities across the oil and gas value chain. The ministry said Venezuela welcomed greater participation from Indian companies in its restructured energy sector and viewed India as a dependable long-term partner.

The visit marks Rodriguez’s first trip to India in her current capacity. In addition to meeting Puri, she held talks with Prime Minister Narendra Modi, where both leaders discussed cooperation in upstream exploration, production activities, refining and other energy-related projects.

Focus On Long-Term Energy Cooperation

India indicated earlier this week that it aims to move beyond spot-market purchases and build more stable and long-term crude supply arrangements with Venezuela. The latest discussions are part of that broader effort to strengthen energy ties between the two countries.

Rodriguez is also scheduled to travel to Mumbai, where she is expected to meet senior executives from India’s energy industry and visit refining facilities before concluding her trip on June 7.

Strategic Significance for India 

The renewed engagement comes at a time when global energy markets are becoming more volatile. India has been on the lookout to diversify its crude sourcing strategy and secure reliable supplies as geopolitical tensions continue to impact international oil trade.

India had suspended purchases of Venezuelan crude last year after the United States imposed measures that included a 25% discretionary tariff on countries buying oil from Caracas. Imports resumed after sanctions were eased in February following an energy agreement between the U.S. and Venezuela.

The latest round of talks reflects the growing momentum in India-Venezuela energy relations as both countries seek avenues for deeper commercial cooperation and long-term supply partnerships in the oil sector.