Modi and Venezuela's Acting President Discuss Energy Cooperation Amid Oil Supply Diversification
PM Modi Meets Venezuela's Acting President Delcy Rodriguez as India Eyes More Oil
Times Now NewsImage: Times Now News
On June 4, Prime Minister Narendra Modi met with Delcy Rodriguez, the acting President of Venezuela, to enhance energy cooperation as India seeks to diversify its crude oil sources amid supply disruptions. Rodriguez's visit aims to strengthen ties following US sanctions that previously limited oil imports from Venezuela.
- 01Delcy Rodriguez is on a five-day visit to India to expand energy cooperation.
- 02India's oil imports from Venezuela have fluctuated due to US sanctions, with recent increases following the lifting of some restrictions.
- 03ONGC Videsh Limited holds a 40% stake in a joint venture with Corporacion Venezolana del Petroleo for oil production in Venezuela.
- 04The meeting included discussions on India's long-term commitment to Venezuelan oil amid the ongoing West Asia crisis.
- 05India previously imported over 400,000 barrels of Venezuelan crude per day at its peak.
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On June 4, Prime Minister Narendra Modi met with Delcy Rodriguez, the acting President of Venezuela, in New Delhi to discuss enhancing energy cooperation. Rodriguez's visit, which began on June 3, is part of efforts to strengthen ties between the two nations, particularly in the energy sector, as India seeks to diversify its crude oil procurement amid ongoing supply disruptions caused by the West Asia crisis. Rodriguez took office as acting president after the detention of Nicolas Maduro by US forces in January. External Affairs Minister S. Jaishankar also met with Rodriguez, expressing appreciation for her commitment to the India-Venezuela relationship. Historically, India was a major importer of Venezuelan heavy crude, sourcing over 400,000 barrels per day at its peak. However, imports declined due to US sanctions imposed in 2020. Recently, Indian oil companies have increased their crude oil sourcing from Venezuela, capitalizing on the easing of sanctions. The two countries have a longstanding partnership in the energy sector, exemplified by ONGC Videsh Limited's joint venture with Corporacion Venezolana del Petroleo for oil exploration in Venezuela's San Cristobal field, where OVL holds a 40% stake.
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The strengthening of energy ties with Venezuela could enhance India's energy security and reduce dependence on other oil sources amid global supply challenges.
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