Venezuela's acting President visits India to boost energy ties

Venezuela's acting President Delcy Rodríguez is in India for a working visit from June 3-7, aiming to deepen bilateral relations with a strong emphasis on energy cooperation. The South American nation has emerged as India's third-largest oil supplier this month, marking a significant shift in energy partnerships.

Rodríguez is scheduled to hold talks with Indian Prime Minister Narendra Modi on June 4. Their discussions are expected to explore avenues for collaboration in energy security, trade, investment, pharmaceuticals, healthcare, and transportation. The acting president will also tour facilities in the energy, pharmaceutical, and automobile sectors to identify potential opportunities for joint ventures.

This visit occurs as India, a major oil importer, diversifies its energy sources amid supply disruptions. Venezuela's crude oil exports to India surged in May, nearly doubling April's volumes. This increase follows the easing of U.S. tariffs on Venezuelan oil, which had previously deterred purchases. India imported 427,000 barrels of Venezuelan crude daily in May, making it the second-largest importer of Venezuelan crude that month.

Despite state-run ONGC Videsh Ltd.'s challenges in repatriating over $500 million in dividends from Venezuela, the visit signifies a renewed push for economic ties. Rodríguez, accompanied by a delegation of ministers, has visited India multiple times in previous capacities, underscoring a long-standing relationship between the two nations.