PM Modi holds talks with Venezuela’s acting President

• Prime Minister Narendra Modi held bilateral discussions with Venezuela’s Delcy Eloina Rodriguez Gomez in New Delhi on June 4. 

• The two leaders held extensive discussions on expanding cooperation in energy, critical minerals, technology, agriculture, health, and people-to-people ties.

• Rodriguez had visited India in her earlier capacity as Foreign Minister (2015), and Vice President (2019, 2023, 2024, and 2025).

• India has been an important partner of Venezuela in the areas of energy and investment. 

• Indian PSUs have made significant investment in Venezuela in the energy sector and they are keen to explore opportunities for further enhancing their presence.

• India and Venezuela enjoy warm and friendly relations, underpinned by cooperation in the energy sector, trade, and shared commitment to the Global South. 

Energy partnership with Venezuela

• Union Minister for Petroleum and Natural Gas Hardeep Singh Puri noted that India and Venezuela share a natural partnership rooted in a long-standing friendship between the two countries.

• He reaffirmed India’s strong support for Venezuela’s energy reconstruction, adding that Indian companies are ready to deepen their presence in Venezuela. 

• India imports about 90 per cent 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.

• As geopolitical and supply disruptions impacted crude oil imports from the Gulf, India is engaging with Venezuela as a strategic partner for its energy diversification. 

• Venezuela, home to the world’s largest proven oil reserves, is a traditional supplier of crude oil to India. 

• India’s sophisticated refining sector is uniquely equipped to process Venezuela’s heavy crude. 

• Venezuela is among the largest crude oil suppliers to India in April and May 2026, a reflection of the future potential. 

• India’s average monthly imports from Venezuela increased from 64.027 TMT during FY 2025-26 to 1,047.148 TMT April-May of FY 2026-27.

• Indian Public Sector Companies also have an established presence in Venezuela’s upstream sector, since 2008, demonstrating their long-term commitment. 

• India’s total investment in Venezuela’s oil sector stands at approximately $1 billion in the San Cristobal and Petrocarabobo-1 projects located in the Orinoco Belt.

(The author is a trainer for Civil Services aspirants.)