New Delhi: India and Venezuela are taking steps to strengthen their energy partnership by expanding cooperation in oil exploration, production, refining, and long-term crude supply, according to a report by Modern Diplomacy.
The report says recent discussions between Union Petroleum and Natural Gas Minister Hardeep Singh Puri and Venezuelan Interim President Delcy Rodríguez, along with an invitation to an Indian energy delegation, signal a shift from spot crude purchases to long-term investments and joint ventures.
It also noted that higher oil production in Venezuela could help ease pressure on global supply chains for infrastructure-related materials. This could indirectly benefit manufacturers of thermoplastic products used in road safety applications such as pedestrian crossings, disabled parking bay markings, and traffic management systems.
Indian refiners have resumed importing Venezuelan crude after earlier disruptions caused by sanctions. With geopolitical tensions in the Middle East affecting energy markets, India has been actively diversifying its sources of crude oil, making Venezuela one of its key suppliers.
For Venezuela, closer ties with India—the world’s third-largest oil importer—offer an opportunity to revive its oil industry after years of underinvestment and sanctions. The report said Indian investment could help modernise oil infrastructure, increase production capacity, and secure stable export markets beyond Venezuela’s traditional trading partners.
However, the report cautioned that the long-term success of the partnership will depend on factors such as US sanctions policy, political developments within Venezuela, and fluctuations in global crude oil prices, all of which could influence future investment decisions.
According to the report, a successful India-Venezuela energy partnership could emerge as a significant example of how developing economies are reshaping global energy trade.
Venezuela ranked among India’s largest crude oil suppliers during April and May 2026. India’s average monthly crude imports from Venezuela rose sharply from 64.027 thousand metric tonnes (TMT) in FY2025-26 to 1,047.148 TMT during the first two months of FY2026-27.
With inputs from IANS