India, Venezuela Discuss Deeper Energy Ties Amid Crude Supply Concerns

New Delhi, June 5 (IANS) Union Minister for Petroleum and Natural Gas Hardeep Singh Puri met Acting President of Venezuela Delcy Eloína Rodríguez Gómez here to discuss opportunities for an enduring energy partnership, an official statement said on Friday.The minister reaffirmed India’s support for Venezuela’s energy reconstruction adding that Indian companies are ready to deepen their presence in Venezuela.Recognising Venezuela’s key role in India’s energy diversification strategy, he conveyed India’s keenness to deepen its energy trade with Venezuela, the statement from the Ministry of Petroleum and Natural Gas said.Acknowledging India as a reliable partner of Venezuela, the Acting President welcomed Indian companies to actively participate in Venezuela’s reformed oil and gas sector.She highlighted the complementarities between India and Venezuela in the energy sector and invited an Indian delegation to visit her country to explore opportunities for enhanced collaboration.Senior ministry officials and chairpersons of various public sector oil companies were also present at the meeting. As geopolitical and supply disruptions impacted crude oil imports from the Gulf, India is engaging with Venezuela as a strategic partner for its energy diversification.Venezuela, home to the world’s largest proven oil reserves, is a traditional supplier of crude oil to India, and India’s sophisticated refining sector is uniquely equipped to process Venezuela’s heavy crude.Venezuela is among the largest crude oil suppliers to India in April and May 2026. India’s average monthly imports from Venezuela increased from 64.027 TMT during FY 2025-26 to 1,047.148 TMT April-May of FY 2026-27.—IANSaarag