India and Venezuela Strengthen Oil Ties Amid Middle East Turmoil

India has stepped up its cooperation with Venezuela in the energy sector, seeing Caracas as a key partner while global oil flows are hit by tensions in the Middle East. During a visit that began on June 4, Venezuela’s interim President Delcy Rodriguez arrived in New Delhi with a sizable delegation of ministers. She met Indian Prime Minister Narendra Modi to discuss joint projects in both upstream exploration and downstream refining. The talks were highlighted by Indian Foreign Ministry officials who emphasized a friendly relationship that dates back decades. They noted that Venezuela’s oil industry is ready to collaborate closely with India, especially now when other supply routes are uncertain. Rodriguez plans to tour Indian oil refineries and meet senior energy executives in Mumbai before her trip ends on June 7.

India has become a major buyer of Venezuelan crude, ranking second only to the United States in May with purchases of 427, 000 barrels per day. Reliance Industries is among the top three importers from Caracas in recent months, boosting the volume of Venezuelan oil entering India. The renewed partnership follows a pause in 2023 when the United States imposed tariffs on Venezuelan oil buyers. Sanctions were lifted in February after a new agreement that placed U. S. oversight over Venezuelan oil proceeds, allowing India to resume imports. India’s need for alternative supplies is heightened by disruptions in the Strait of Hormuz, a critical channel that carries more than 40 % of its crude imports. By diversifying with Venezuela, India aims to secure a steadier flow of oil amid regional conflicts.

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