Union Petroleum and Natural Gas Minister Hardeep Singh Puri held discussions with Venezuela’s Acting President Delcy Eloína Rodríguez Gómez in New Delhi, reaffirming India’s commitment to strengthening energy cooperation with the South American nation amid ongoing geopolitical disruptions affecting global oil markets.
The meeting, held on June 4, was attended by senior officials from the Petroleum Ministry and chairpersons of major public sector oil companies. Both sides explored opportunities to build a long-term and resilient energy partnership covering trade, investment and cooperation across the oil and gas sector.
During the talks, Puri emphasized that India and Venezuela share a natural partnership based on decades of friendly relations and complementary energy interests. He reiterated India’s support for Venezuela’s efforts to revive and expand its energy sector and said Indian companies were prepared to deepen their engagement in the country.
The minister highlighted Venezuela’s growing importance in India’s energy diversification strategy, particularly at a time when global crude supplies have been disrupted by geopolitical tensions and supply-chain uncertainties. He expressed India’s interest in expanding energy trade and strengthening collaboration across the hydrocarbon value chain.
Rodríguez described India as a reliable and trusted partner and invited Indian companies to participate more actively in Venezuela’s reformed oil and gas sector. She also encouraged an Indian delegation to visit Venezuela to explore new opportunities for cooperation and investment.
The discussions come as India seeks to diversify its crude oil imports amid disruptions in traditional supply routes. Venezuela, which possesses the world’s largest proven oil reserves, has emerged as one of India’s major crude suppliers in recent months. India’s refiners are particularly well-equipped to process Venezuela’s heavy crude grades, making the country a strategically important source of energy supplies.
According to the Ministry of Petroleum & Natural Gas, India’s average monthly crude oil imports from Venezuela increased sharply from 64.027 thousand metric tonnes (TMT) during FY 2025-26 to 1,047.148 TMT during April-May of FY 2026-27. Venezuela has consequently become one of India’s leading crude oil suppliers during the current financial year.
Indian public sector companies have maintained a presence in Venezuela’s upstream energy sector since 2008. India’s cumulative investment in Venezuela’s oil industry stands at approximately $1 billion through projects such as San Cristóbal and Petrocarabobo-1 in the Orinoco Belt.
