Union Minister Hardeep Singh Puri discusses energy cooperation with Venezuela’s Acting President; highlights role in India’s oil diversification strategy

New Delhi, June 5: India and Venezuela have agreed to strengthen cooperation in the energy sector, with both countries exploring new opportunities to build a long-term and mutually beneficial partnership amid evolving global energy dynamics.

Union Petroleum and Natural Gas Minister  Hardeep Singh Puri held discussions with Venezuela’s Acting President, Delcy Rodríguez, in New Delhi on June 4. Senior officials from the Petroleum Ministry and heads of major Indian public sector oil companies also participated in the meeting.

During the talks, Puri highlighted the strong and historic ties between India and Venezuela, emphasizing that the South American nation remains an important partner in India’s strategy to diversify crude oil imports and enhance energy security. He reiterated India’s support for Venezuela’s efforts to expand and modernize its energy sector and expressed the readiness of Indian companies to increase their engagement in the country’s oil and gas industry.

Delcy Rodríguez described India as a trusted and dependable partner and invited Indian energy firms to explore fresh investment opportunities in Venezuela’s evolving hydrocarbon sector. She also proposed a visit by an Indian delegation to Venezuela to identify new areas of collaboration.

Venezuela, which possesses the world’s largest proven crude oil reserves, has emerged as a significant source of crude for India in recent months. Indian refineries are particularly suited to process Venezuela’s heavy crude grades, making the partnership strategically important. As global supply chains face disruptions, India has increased engagement with Venezuela to ensure a diversified and stable energy supply.

Official figures show a sharp rise in crude oil imports from Venezuela, with average monthly imports increasing from 64.027 thousand metric tonnes during FY 2025-26 to over 1.04 million metric tonnes during April-May of FY 2026-27.

Indian public sector companies have maintained a presence in Venezuela’s upstream oil sector since 2008. India’s cumulative investment in the country’s energy industry is estimated at around USD 1 billion through projects such as San Cristóbal and Petrocarabobo-1 in the Orinoco Belt.

The meeting reflects growing energy cooperation between the two countries as India seeks reliable sources of crude oil while Venezuela looks to attract international investment and technological expertise for its energy sector.