India's Modi meets Venezuela's Rodríguez amid surge in oil imports

Venezuelan acting president Delcy Rodríguez met with Indian Prime Minister Narendra Modi in New Delhi, focusing on strengthening energy cooperation between the two nations. The high-level meeting, held at Hyderabad House, aimed to consolidate their partnership and give new impetus to bilateral ties, according to India's Ministry of External Affairs.

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Conversations aimed at further consolidating our partnership and giving new impetus to our bilateral ties will be held next.

Rodríguez's visit comes as India's imports of Venezuelan crude oil have surged. In May, India imported an average of 319,200 barrels per day of Venezuelan crude, a 13.9% increase from the previous month. This marks a significant rebound, as India had not purchased Venezuelan oil since May 2025. Following these increased purchases, Venezuela has become India's fourth-largest oil supplier, trailing only Russia, the United Arab Emirates, and Saudi Arabia.

This renewed energy trade occurs against a backdrop of global energy market volatility, including disruptions related to the Strait of Hormuz. The United States has promoted Venezuelan oil as an alternative to Russian crude, particularly after imposing sanctions. While the U.S. has granted temporary waivers on Russian oil sanctions, it has also pressured India to reduce its purchases from Russia.

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Venezuela possesses one of the largest oil reserves in the world. The Indian economy is a large consumer of crude and will have stable and growing demand for many years. Therefore, in the energy sector, we see a perfect complementarity.

During the meeting, India's Additional Secretary for Latin America, Rudrendra Tandon, highlighted the complementarity between Venezuela's vast oil reserves and India's growing demand for crude. He noted that Venezuela has become India's third-largest supplier in terms of spot purchases this month, underscoring the focus on forging an energy partnership. Rodríguez's agenda also includes a visit to Jamnagar to tour a Reliance Industries refinery.

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In our spot purchases, Venezuela has already emerged as the third largest supplier this month. So, naturally, today's conversations focused on forging an energy partnership.