New Delhi: India is seeking to deepen its energy partnership with Venezuela, Oil Minister Hardeep Singh Puri said after meeting Venezuelan Acting President Delcy Rodríguez, underscoring rising crude flows between the two countries amid global supply disruptions.
Calling the relationship "long-standing" and "complementary," Puri said Venezuela holds the world's largest proven oil reserves, while India offers strong demand, refining capacity and technical expertise to process heavy crude.
Follow The PSUWatch Channel on WhatsApp
"India has a long standing energy partnership with Venezuela since 2008 and shares unique complementarities with the country," Puri said in a post on X, adding that Indian refiners are already among Venezuela's key crude buyers in April and May 2026.
The engagement comes as India steps up diversification of its crude oil sourcing following volatility in global energy markets triggered by geopolitical tensions in West Asia, which have disrupted shipping routes and contributed to higher energy costs.
India has recently emerged as one of the largest buyers of Venezuelan crude, aided by the easing of sanctions and the resumption of trade flows, according to industry data cited by officials.
Puri said Indian companies already have investments in Venezuela and are exploring additional opportunities in the upstream oil sector as well as broader energy collaboration.
"Our technical team will visit Venezuela soon to further explore this potential," he said, adding that the partnership would support India's broader energy security objectives under the government's import diversification strategy.
Follow PSU Watch on LinkedIN
The Venezuelan delegation's visit to India this week has focused on expanding cooperation across energy, trade and investment, with discussions also covering opportunities for Indian firms in mining, critical minerals, pharmaceuticals and automobiles.
India imports about 90 percent of its crude oil needs, making supply diversification a key policy priority as it seeks to manage exposure to global price volatility and geopolitical risk.
(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay updated.)