On Thursday, Indian Prime Minister Narendra Modi engaged in discussions with Venezuela's acting President Delcy Rodriguez in New Delhi as India aims to strengthen its relations with the oil-rich South American nation. This effort comes in light of disruptions in global energy supplies, prompting India to seek new oil sources to bolster its energy security.
Rudrendra Tandon, a senior official from India's foreign ministry, indicated that the talks primarily centered around enhancing energy cooperation between the two countries. Recently, Venezuela has emerged as India's third-largest supplier of crude oil, marking a significant shift in India's energy import landscape.
Tandon emphasized that India is "aggressively seeking new sources of crude oil and energy to strengthen its energy security," highlighting Venezuela as an important opportunity in this strategic quest. The discussions also touched upon the potential for Indian companies to invest in various sectors within Venezuela, including mining, critical minerals, pharmaceuticals, and automobiles.
The backdrop of these meetings is characterized by India's rising imports of Venezuelan crude over recent months, establishing Venezuela as a more prominent supplier for India, the world's third-largest oil importer. Currently, India imports approximately 90% of its oil, with about half of that supply passing through the strategically significant Strait of Hormuz, which has faced disruptions due to the ongoing Iran war.
In addition to her meeting with Modi, Rodriguez also held discussions with India's foreign minister, Subrahmanyam Jaishankar, and is slated to have talks with Petroleum Minister Hardeep Singh Puri. Her visit includes plans to tour various facilities across India's energy, pharmaceutical, and automobile sectors, which underscores the multidimensional nature of the bilateral engagement.
This diplomatic dialogue is crucial for India as it seeks to diversify its energy procurement strategies amidst fluctuating global oil markets and geopolitical tensions. The strengthening of ties with Venezuela aligns with India's long-term goals to enhance energy resilience and secure stable oil supplies for its growing economy.
