Against a backdrop of widespread global energy supply disruptions that have rattled international energy markets, India has moved to deepen diplomatic and economic collaboration with oil-rich Venezuela, holding high-level strategic talks between top leaders from both nations this Thursday in New Delhi.
Indian Prime Minister Narendra Modi opened official discussions with Venezuela’s acting President Delcy Rodriguez, with energy partnership standing as the central pillar of the agenda, according to senior Indian foreign ministry official Rudrendra Tandon. In recent weeks, this growing collaboration has already yielded tangible results: Venezuela has risen to become India’s third-largest supplier of crude oil, a milestone that underscores the shifting dynamics of India’s energy sourcing strategy.
Tandon emphasized that India is proactively pursuing diversified new sources of crude oil and energy to shore up its long-term energy security. “Venezuela represents a clear opportunity, and it is very much part of our strategic plans going forward,” he told reporters following the leaders’ meeting.
Beyond energy cooperation, the two leaders also surveyed the landscape for expanded Indian investment across multiple key Venezuelan sectors. These opportunities span mining development, critical mineral extraction, pharmaceutical manufacturing and automobile production, opening avenues for deeper cross-border economic integration beyond the energy sector.
This high-level meeting comes in the wake of steady growth in Indian imports of Venezuelan crude over recent months. For the world’s third-largest oil importer, this shift has elevated Venezuela from a secondary supplier to a core part of India’s energy import portfolio.
India’s extreme dependence on foreign oil creates persistent structural vulnerability in its energy market: the country imports roughly 85% of its total crude oil demand, and nearly half of all incoming oil shipments pass through the Strait of Hormuz, a critical chokepoint that has faced heightened disruption risks amid escalating regional tensions. This geopolitical risk has pushed Indian policymakers to accelerate efforts to diversify their supply network away from overreliance on Gulf shipments.
Following her meeting with Prime Minister Modi, Rodriguez also held separate talks with India’s External Affairs Minister Subrahmanyam Jaishankar on Thursday. She is scheduled to meet with India’s Petroleum and Natural Gas Minister Hardeep Singh Puri in the coming days, and will also tour leading facilities in India’s energy, pharmaceutical and automobile sectors to explore potential on-the-ground collaboration opportunities.