India, Venezuela Discuss Stronger Energy Partnership

• Hardeep Singh Puri holds talks with Venezuela’s Acting President
• India reaffirms Venezuela’s role in energy diversification strategy
• Venezuela invites greater participation by Indian energy companies
• Crude oil imports from Venezuela surge in April-May 2026

GG News Bureau
New Delhi, 5th June: Union Petroleum and Natural Gas Minister Hardeep Singh Puri held talks with Venezuela’s Acting President Delcy Eloína Rodríguez Gómez in New Delhi, reaffirming Venezuela’s growing importance in India’s energy diversification strategy amid evolving global energy dynamics.

The meeting, held on June 4, was attended by senior officials from the Ministry of Petroleum and Natural Gas and chairpersons of major public sector oil companies. Both sides explored opportunities to strengthen long-term cooperation in the energy sector.

During the discussions, Puri described India and Venezuela as natural partners with a long-standing relationship and emphasized India’s continued support for Venezuela’s energy sector revival.

He said Indian companies are prepared to deepen their engagement in Venezuela and highlighted the country’s strategic importance in ensuring diversified and secure energy supplies for India.

Recognising Venezuela’s role in India’s energy security framework, the Minister expressed India’s interest in expanding energy trade and strengthening bilateral cooperation in oil and gas.

Acting President Rodríguez described India as a reliable partner and invited Indian companies to increase their participation in Venezuela’s reformed energy sector.

She highlighted the complementarities between the two countries and extended an invitation to an Indian delegation to visit Venezuela to explore new investment and collaboration opportunities.

The discussions come at a time when India is seeking to diversify crude oil sources amid geopolitical uncertainties and supply disruptions affecting global energy markets.

Venezuela, which possesses the world’s largest proven oil reserves, has traditionally been an important crude supplier to India. India’s refining infrastructure is particularly well suited to process Venezuela’s heavy crude grades.

According to official data, Venezuela emerged as one of India’s leading crude oil suppliers during April and May 2026. India’s average monthly crude imports from Venezuela increased sharply from 64.027 thousand metric tonnes during FY 2025-26 to 1,047.148 thousand metric tonnes during the first two months of FY 2026-27.

Indian public sector companies have maintained a presence in Venezuela’s upstream oil sector since 2008, reflecting their long-term commitment to the Latin American nation’s energy industry.

India’s total investment in Venezuela’s oil sector currently stands at around USD 1 billion through projects including San Cristóbal and Petrocarabobo-1 in the resource-rich Orinoco Belt.

Officials said the meeting reflected the shared commitment of both countries to deepen cooperation in energy, enhance investment opportunities and strengthen long-term strategic ties in the hydrocarbon sector.