India-Venezuela: Meeting of PM Modi and acting President Delsey Rodriguez, big discussion on oil supply amid West Asia crisis.
Delhi. Prime Minister Narendra Modi on Thursday held talks with Venezuelan Vice President Delsey Rodriguez, with a special focus on strengthening bilateral ties in the areas of energy, trade and investment. Both sides are considering possibilities of expanding the scope of energy cooperation.
PM Modi and acting President Delsey Rodriguez meet amid West Asia crisis
India is trying to diversify its crude oil import sources amid supply disruptions due to the Middle East crisis. Venezuela’s acting President and Vice President Rodriguez reached India on Wednesday. External Affairs Ministry spokesperson Randhir Jaiswal said that the visit will help in further deepening relations between India and Venezuela.
Delsey Rodriguez took over as acting president of Venezuela after then-President Nicolas Maduro was detained by US forces in January. India was once a major processor of Venezuelan heavy crude and at one time imported more than four lakh barrels of oil per day. However, these imports almost stopped in 2020 due to widespread US sanctions and compliance risks. India again started buying crude oil from Venezuela after the sanctions were eased after the arrest of Maduro.
In recent weeks, Indian oil marketing companies have significantly increased oil imports from Venezuela due to the West Asia crisis. The Acting President of Venezuela has also been accompanied by a high-level delegation to India, which includes the Ministers of Foreign Affairs, Economy and Finance, Science and Technology, Communications and Information and Transport.
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