India, Venezuela move to deepen energy partnership amid global oil uncertainty

New Delhi: India and Venezuela are exploring ways to deepen energy cooperation as both countries seek to leverage changing global oil market dynamics and strengthen long-term engagement in the hydrocarbon sector, a report has said.

A report by Modern Diplomacy highlighted that Union Minister for Petroleum and Natural Gas Hardeep Singh Puri told Venezuelan Interim President Delcy Rodriguez that Indian companies are willing to expand their participation in Venezuela’s oil and gas industry.

The discussions come as India has emerged once again as a significant buyer of Venezuelan crude following the resumption of imports after restrictions eased earlier this year. Renewed purchases have helped Venezuela re-establish itself among India’s important crude suppliers, it said.

Rodriguez’s visit to India — which includes meetings with government officials and energy industry executives — is focused on attracting investment into Venezuela’s energy sector and exploring long-term supply arrangements rather than relying primarily on spot purchases.

The growing engagement reflects India’s broader strategy of diversifying crude procurement as geopolitical uncertainties and tensions in West Asia continue to create concerns around supply disruptions and price volatility.

For Venezuela, closer cooperation with India offers an opportunity to revive its oil sector after years of sanctions, falling production and underinvestment.

Increased participation from Indian companies could support efforts to expand production capacity, upgrade infrastructure and secure stable export markets, the report said.

In addition, the evolving partnership highlights how emerging economies are increasingly pursuing pragmatic energy relationships driven by economic and strategic interests.

According to the report, industry observers believe cooperation could eventually extend beyond crude purchases to include upstream exploration, production partnerships, refining opportunities and infrastructure development.

It further highlighted that future progress will depend on several factors including global oil prices, political developments in Venezuela and changes in US sanctions policy.

The two countries are expected to continue discussions aimed at expanding energy cooperation as India seeks greater supply security and Venezuela looks to attract fresh investment.

IANS