India sees 'perfect complementarity' with Venezuela in energy trade amid Gulf crisis

India and Venezuela are seeking to deepen their energy sector cooperation, with New Delhi highlighting Venezuela's view of India as a preferred partner, particularly as global oil supplies face disruptions from the Middle East crisis. Venezuela's interim President Delcy Rodriguez is on a visit to India, accompanied by a delegation of ministers, and held discussions with Indian Prime Minister Narendra Modi.

The talks centered on collaboration in both upstream and downstream energy projects. Rudrendra Tandon, Secretary (East) in the Indian foreign ministry, noted that India is working with a friendly government eager for partnership. He stated, "We want to reciprocate that. Venezuela has traditionally been a close friend. We have collaborated very closely at the international level, so we are just going back to normal."

Rodriguez's visit comes at a critical time for India, the world's third-largest oil importer and consumer. The nation is grappling with supply challenges exacerbated by the conflict involving Iran, which has impacted the Strait of Hormuz, a vital route for a significant portion of India's crude oil imports. Venezuela is poised to become India's fourth-largest oil supplier in May, according to Kpler data.

India had previously halted Venezuelan oil imports last year due to U.S. sanctions. However, purchases resumed in February following an easing of sanctions, tied to an oil supply agreement between Washington and Caracas. Under this agreement, the U.S. Treasury Department controls the proceeds from Venezuelan oil sales through specific bank accounts, with commercial terms also guided by Washington.

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We are working with a government that is friendly, that wants a partnership with India. We want to reciprocate that. Venezuela has traditionally been a close friend. We have collaborated very closely at the international level, so we are just going back to normal.