https://sputniknews.in/20260604/india-venezuela-hold-talks-to-increase-oil-supplies-amid-hormuz-shock-11118928.html
India, Venezuela Hold Talks to Increase Oil Supplies Amid Hormuz Shock
India, Venezuela Hold Talks to Increase Oil Supplies Amid Hormuz Shock
Sputnik India
Venezuela's Acting President Delcy Rodríguez Gómez held detailed and substantive talks with Prime Minister Narendra Modi in Delhi on Thursda
2026-06-04T18:53+0530
2026-06-04T18:53+0530
2026-06-04T18:53+0530
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Venezuela's vast crude reserves present an "opportunity" for India as the world's second-biggest oil importer seeks to aggressively diversify its energy sourcing in the wake of the global oil shock, Ministry of External Affairs (MEA) Secretary (East) Rudrendra Tandon briefed reporters in Delhi after talks between PM Modi and President Rodrigues.The senior diplomat noted that both the leaders focussed on forging an "energy partnership" between the two nations and that they saw a "perfect complementarity" in the energy sector, be it upstream or downstream.During her visit, Rodrigues would also be visiting the world's largest Jamnagar refinery complex, operated by Reliance Industries Limited (RIL). Tandon said Rodrigues was being "exposed to several facilities to show her the sophistication we have achieved in the refining sector".The first shipments of Venezuelan crude arrived to Indian shores after a nine-month gap in April, following the easing of US Treasury sanctions on Venezuelan crude in January in the wake of the abduction of Venezuelan President Nicolas Maduro from the presidential palace in Caracas on 3 January.According to Kpler, Venezuela supplied around 270,000 of crude to India in April and May, still significantly below the historic highs between 2012 and 2019 when the Latin American nation ranked among Delhi's three biggest crude importers. Around 40-50% of India's crude supplies have been impacted due to the closure of the Strait of Hormuz since March.Rodrigues held a meeting with Indian Petroleum Minister Hardeep Singh Puri following the talks with PM Modi.Tandon stated that both the countries were looking to forge "long-term energy contracts", while noting that Venezuela has already emerged as the third-biggest supplier for India as far as spot purchases are concerned.On the issue of payments, Tandon said that they would be done in the way the companies want."Venezuela is undergoing a transformation period. There are arrangements in place. But the important thing to remember is that when we speak about an enduring economic partnership, the actual work will be done by the commercial entities in the public sector as well as the private sector. All these companies operate at a global level in the global market. So, they will have to take into account the existing payment methods that are going to be adopted when you do economic activity in Venezuela," he said. "The government of India will buy oil from wherever. Problems in the Middle-east have led governments, including India, to diversify its sourcing. So, we will do that. We are a large customer of crude oil. We are growing. So, consumers around the world look at us as it will immune them from spikes in the energy market as sellers," he said.Besides energy cooperation, Modi and Rodrigues also discussed expanding cooperation in pharmaceuticals, agriculture, critical minerals and auto sectors, officials said.Rodrigues, who is on a five-day visit to India from 3 to 7 June, also met External Affairs Minister (EAM) S Jaishankar on Wednesday.
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India, Venezuela Hold Talks to Increase Oil Supplies Amid Hormuz Shock
Venezuela's Acting President Delcy Rodríguez Gómez held detailed and substantive talks with Prime Minister Narendra Modi in Delhi on Thursday. India's Ministry of External Affairs (MEA) said that the talks focussed on further expanding upstream and downstream energy ties between the two countries.
Venezuela's vast crude reserves present an "opportunity" for India as the world's second-biggest oil importer seeks to aggressively diversify its energy sourcing in the wake of the global oil shock, Ministry of External Affairs (MEA) Secretary (East) Rudrendra Tandon briefed reporters in Delhi after talks between PM Modi and President Rodrigues.
"So, Venezuela is an opportunity. It is very much a part of our plan," Tandon said.
The senior diplomat noted that both the leaders focussed on forging an "energy partnership" between the two nations and that they saw a "perfect complementarity" in the energy sector, be it upstream or downstream.
"The clear message from Her Excellency is that Venezuela looks at India as a preferred partner given the size of our economy, the fact that we are growing, the fact that we are going to be a stable buyer in the energy markets for many years to come. And the response from the Prime Minister was that we look forward to building this energy relationship and this energy relationship covers both upstream and downstream activities," Tandon said.
During her visit, Rodrigues would also be visiting the world's largest Jamnagar refinery complex, operated by Reliance Industries Limited (RIL). Tandon said Rodrigues was being "exposed to several facilities to show her the sophistication we have achieved in the refining sector".
The first shipments of Venezuelan crude arrived to Indian shores after a nine-month gap in April, following the easing of US Treasury sanctions on Venezuelan crude in January in the wake of the
abduction of
Venezuelan President Nicolas Maduro from the presidential palace in Caracas on 3 January.
According to Kpler, Venezuela supplied around 270,000 of crude to India in April and May, still significantly below the historic highs between 2012 and 2019 when the Latin American nation ranked among Delhi's three biggest crude importers. Around 40-50% of India's crude supplies have been impacted due to the closure of the Strait of Hormuz since March.
The MEA official informed reporters that even though no "big-ticket announcements" came out of the talks, follow-up conversations between officials from both sides would take place to work out details of any future energy deals.
Rodrigues held a meeting with Indian Petroleum Minister Hardeep Singh Puri following the talks with PM Modi.
"The discussions on the energy sector were extensive. The tone wasn't about a buyer and a seller. The participation of Indian companies upstream and downstream.. The details of this can't be worked out at the Prime Minister's level. This will have to be worked out by the companies themselves," he said.
Tandon stated that both the countries were looking to forge "long-term energy contracts", while noting that Venezuela has already emerged as the third-biggest supplier for India as far as spot purchases are concerned.
On the issue of payments, Tandon said that they would be done in the way the companies want.
On a pointed question about whether Indian companies would be paying to the US Treasury or the Venezuelan government for their potential crude purchases, Tandon replied that commercial entities in both the countries will take into account the existing payment mechanisms in place.
"Venezuela is undergoing a transformation period. There are arrangements in place. But the important thing to remember is that when we speak about an enduring economic partnership, the actual work will be done by the commercial entities in the public sector as well as the private sector. All these companies operate at a global level in the global market. So, they will have to take into account the existing payment methods that are going to be adopted when you do economic activity in Venezuela," he said.
Tandon also said that the Indian government would buy crude from wherever it is available, while responding to a question about any American interference in Venezuela-India energy relationship.
"The government of India will buy oil from wherever. Problems in the Middle-east have led governments, including India, to diversify its sourcing. So, we will do that. We are a large customer of crude oil. We are growing. So, consumers around the world look at us as it will immune them from spikes in the energy market as sellers," he said.
Besides energy cooperation, Modi and Rodrigues also discussed expanding cooperation in pharmaceuticals, agriculture, critical minerals and auto sectors, officials said.
Rodrigues, who is on a five-day visit to India from 3 to 7 June, also met External Affairs Minister (EAM) S Jaishankar on Wednesday.
