India, Venezuela Explore Deeper Energy Partnership as Crude Trade Surges

India and Venezuela have moved to strengthen bilateral energy ties, with Union Petroleum and Natural Gas Minister Hardeep Singh Puri holding talks with Venezuela’s Acting President, Delcy Rodríguez, in New Delhi to explore opportunities for a long-term energy partnership.

The meeting, attended by senior officials from the Ministry of Petroleum and Natural Gas and heads of public sector oil companies, focused on expanding cooperation across the energy sector. Puri reaffirmed India’s support for Venezuela’s energy sector revival and said that Indian companies are prepared to deepen their engagement in the South American nation’s oil and gas industry. Venezuela’s growing role in India’s crude sourcing strategy was a key theme of the discussions. 

Rodríguez welcomed greater participation by Indian companies in Venezuela’s reformed oil and gas sector and invited an Indian delegation to visit the country to identify new investment and collaboration opportunities. Both sides highlighted the complementary strengths of the two nations in the energy domain and expressed interest in broadening cooperation. 

The talks come at a time when India is diversifying its crude oil imports amid geopolitical uncertainties and supply disruptions affecting traditional sources. Venezuela, which holds the world’s largest proven oil reserves, has re-emerged as an important supplier for India. The country ranked among India’s leading crude oil suppliers during April and May 2026, reflecting its increasing significance in the country’s energy security framework. 

According to the Petroleum Ministry, India’s average monthly crude imports from Venezuela rose sharply from 64.027 thousand metric tonnes (TMT) in FY2025-26 to 1,047.148 TMT during April–May of FY2026-27. India’s refining sector is particularly well-suited to process Venezuela’s heavy crude grades, creating a natural synergy between the two countries. 

Indian public sector companies have maintained an upstream presence in Venezuela since 2008, with cumulative investments of around USD 1 billion in the San Cristóbal and Petrocarabobo-1 projects in the Orinoco Belt. The latest discussions are expected to pave the way for deeper energy collaboration and potential new investments as India continues to broaden its global energy sourcing network.