Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with H.E. Ms. Delcy Eloína Rodríguez Gómez, Acting President of the Bolivarian Republic of Venezuela, in New Delhi on June 4, 2026, reaffirming Venezuela’s growing importance in India’s energy diversification strategy and exploring avenues for strengthening long-term energy cooperation between the two countries.
The meeting was attended by senior officials from the Ministry of Petroleum and Natural Gas as well as chairpersons of several public sector oil companies. Both sides discussed opportunities to build a durable and mutually beneficial energy partnership amid evolving global energy market dynamics.
During the talks, Puri highlighted the longstanding friendship between India and Venezuela and described the bilateral relationship as a natural partnership. He reiterated India’s support for Venezuela’s energy sector reconstruction and stated that Indian companies are prepared to expand their engagement in the South American nation’s oil and gas industry. Emphasizing Venezuela’s significance in India’s efforts to diversify crude oil supplies, he expressed India’s interest in further deepening energy trade with the country.
Rodríguez acknowledged India as a reliable partner and encouraged Indian companies to participate actively in Venezuela’s reformed oil and gas sector. She underlined the complementary strengths of both nations in the energy domain and invited an Indian delegation to visit Venezuela to assess opportunities for enhanced collaboration and investment.
The discussions come at a time when India is seeking to strengthen its energy security by diversifying crude oil import sources amid geopolitical uncertainties and supply disruptions affecting traditional suppliers. Venezuela, which possesses the world’s largest proven oil reserves, has emerged as an increasingly important source of crude oil for India.
India’s advanced refining infrastructure is well suited to process Venezuela’s heavy crude grades, making the country a valuable partner in meeting India’s energy requirements. Venezuela ranked among India’s leading crude oil suppliers during April and May 2026, reflecting the growing momentum in bilateral energy trade.
According to official data, India’s average monthly crude oil imports from Venezuela rose significantly from 64.027 thousand metric tonnes (TMT) during FY 2025-26 to 1,047.148 TMT during April-May of FY 2026-27, underscoring the expanding role of Venezuelan crude in India’s energy basket.
Indian public sector companies have maintained a presence in Venezuela’s upstream oil sector since 2008, demonstrating their long-term commitment to the country’s energy industry. The latest engagement is expected to further strengthen cooperation and open new avenues for investment and collaboration across the oil and gas value chain.
