India Strengthens Energy Ties with Venezuela Amid Global Supply Disruptions
Indian companies willing to deepen presence in Venezuela, says Minister Hardeep Singh Puri
Image: The Economic Times
Indian Petroleum Minister Hardeep Singh Puri announced that Indian companies are keen to enhance their operations in Venezuela during a meeting with Venezuelan Acting President Delcy Rodríguez in New Delhi. This move is part of India's strategy to diversify energy sources due to disruptions in oil supplies from traditional West Asian suppliers.
- 01India's average monthly crude imports from Venezuela surged from 64.027 thousand metric tonnes (TMT) in FY2025-26 to 1,047.148 TMT in April-May FY2026-27.
- 02Venezuela has become a major crude supplier for India, especially amid disruptions in oil flows through the Strait of Hormuz due to geopolitical tensions.
- 03Indian public sector companies have invested approximately $1 billion in Venezuela's hydrocarbon sector since 2008.
- 04Delcy Rodríguez invited Indian firms to explore investment opportunities in Venezuela’s reformed oil and gas sector.
- 05The discussions emphasized strengthening long-term energy cooperation and ensuring stable crude supplies for India.
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During a recent meeting in New Delhi, Indian Petroleum and Natural Gas Minister Hardeep Singh Puri highlighted Indian companies' intent to expand their presence in Venezuela, which is increasingly viewed as a critical partner in India's energy diversification strategy. The discussions with Venezuelan Acting President Delcy Rodríguez focused on enhancing cooperation across the oil and gas sectors, particularly as India seeks to mitigate disruptions in oil supplies from traditional West Asian sources due to ongoing geopolitical conflicts. Venezuela, home to the world's largest proven oil reserves, has seen a significant increase in crude exports to India, with monthly imports rising dramatically in recent months. The Indian government has emphasized the natural synergy between Venezuela's crude reserves and India's refining capabilities. Existing investments by Indian firms in Venezuela's hydrocarbon sector, totaling around $1 billion, underline the commitment to a long-term energy partnership. Rodríguez welcomed Indian companies to take a more active role in Venezuela's oil sector reforms, further solidifying bilateral energy ties.
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The strengthening of energy ties with Venezuela is expected to enhance India's energy security and stabilize crude supplies amid global disruptions.
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