India and Venezuela are exploring ways to deepen bilateral cooperation, with energy emerging as a central area of discussion as New Delhi looks to diversify crude oil supplies amid continued uncertainty in global energy markets due to the ongoing West Asia conflict.
Energy partnership focus
The issue figured prominently during talks between Prime Minister Narendra Modi and Venezuelan Acting President Delcy Rodriguez, who is on a visit to India.
Speaking to reporters on Thursday (June 4), Ministry of External Affairs Secretary (East) Rudrendra Tandon said both sides reviewed opportunities to strengthen engagement across a range of sectors while placing particular emphasis on energy collaboration.
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Tandon noted that Venezuela has become an increasingly important source of crude oil for India in recent months.
“Venezuela has already emerged as the third largest supplier, this month, so naturally today’s discussions focused on forging an energy partnership. They see India as a stable demander for many years to come. Therefore, there exists a perfect complementarity for India and Venezuela to work in the energy sector, both upstream and downstream,” he said as quoted by YEARS.
‘Natural complementarity’
According to the MEA official, the discussions reflected the strengths of both economies. Venezuela possesses some of the world’s largest proven oil reserves, while India remains one of the fastest-growing consumers of energy.
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“This creates a strong natural complementarity between the two economies in the energy sector,” he added.
Tandon added that conversations were aimed at developing a long-term framework for cooperation. While details of the talks were not disclosed, he indicated that Venezuela’s energy industry was undergoing significant changes that could create new opportunities for collaboration.
Beyond oil and gas
The talks also covered efforts to widen economic ties beyond oil and gas. Opportunities for Indian companies in mining, critical minerals, pharmaceuticals, automobiles, transportation and agriculture were discussed during the meeting.
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“Venezuela is a very large country which is resource-rich has talented hardworking people that is now showing the first signs to moving to a path of sustained growth,” Tandon said.
He added that both sides were examining ways to facilitate the entry of Indian businesses into the Venezuelan market and support new commercial partnerships.
Business-like talks
Tandon said the Venezuelan delegation described India as a “preferred partner going into the future” and acknowledged New Delhi’s consistent engagement over the years.
“Overall, I would say that the conversation was very business-like, very substantive,” he said, adding that there was “genuine warmth” between the two delegations and a shared commitment to strengthening long-term cooperation.
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