As global energy markets face uncertainty due to geopolitical tensions and disruptions in traditional oil supply routes, India is deepening its engagement with Venezuela, one of the world’s largest holders of proven crude oil reserves.
The renewed momentum in India-Venezuela relations was highlighted this week during the visit of Venezuelan Acting President Delcy Rodríguez to New Delhi. During high level talks with Prime Minister Narendra Modi and senior Indian ministers, both sides explored ways to expand cooperation in Energy, Trade, Investment, Critical minerals, Pharmaceuticals and Mining.
India’s growing interest in Venezuelan oil comes at a time when global supply chains remain under pressure. Concerns over disruptions to key shipping routes and volatility in international energy markets have prompted New Delhi to diversify its sources of crude imports. Venezuela has emerged as an increasingly important partner in that strategy.
According to recent industry data, India became the second largest importer of Venezuelan crude oil in May 2026, purchasing approximately 427,000 barrels per day. Venezuelan oil has rapidly climbed into the list of India’s major crude suppliers, reflecting the growing economic significance of the partnership.
During the discussions, Indian Petroleum Minister Hardeep Singh Puri reiterated that Indian companies are willing to expand their presence in Venezuela’s energy sector. Both countries are exploring opportunities in upstream oil exploration, production projects, refining activities and long term energy cooperation agreements.
Venezuela, meanwhile, sees India as a reliable long term customer capable of supporting the revival of its energy industry. Acting President Rodríguez invited Indian energy companies and officials to visit Venezuela and assess investment opportunities in the country’s oil and gas sector.
Beyond oil, the two nations also discussed cooperation in critical minerals, mining and other strategic sectors that could strengthen economic ties in the years ahead. Officials described the relationship as one of complementary interests, with Venezuela seeking investment and markets while India seeks secure energy supplies for its growing economy.
While some commentators have described the development as a potential “Oil trap” involving the United States, Venezuela and India, there is currently no evidence of a diplomatic crisis arising from India’s Venezuelan energy imports. Instead, the latest discussions indicate a pragmatic effort by New Delhi to diversify energy sources and enhance long term energy security.
