Both nations are looking to take advantage of the shifting global oil market and improve their long-term cooperation in the hydrocarbon industry, therefore they are investigating new ways to increase bilateral energy cooperation.
India is looking to diversify its crude oil sourcing strategy, and Venezuela is trying to revitalise its energy industry by seeking fresh investment and dependable export markets. Both countries are actively engaging in this process. Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas, and Delcy Rodriguez, Acting President of Venezuela, recently discussed the increasing significance of energy cooperation between their respective countries.
During the talks, both countries’ energy sectors were discussed. Venezuela welcomed further Indian involvement in its reforms, while India expressed its readiness for its companies to increase their involvement in Venezuela’s oil and gas sector. Following the easing of limitations earlier this year, India’s imports of Venezuelan crude surged, prompting the increased engagement.
Imports of Venezuelan oil have increased dramatically in the past few months, with India being one of the biggest buyers. According to official statistics, between April and May of FY 2026-27, India’s average monthly imports from Venezuela jumped from 64,027 metric tonnes in FY 2025-26 to 1,047.148 metric tonnes.
In May 2026, with a daily purchase of around 427,000 barrels, India was also the country that imported Venezuelan crude oil second-biggest.
Image: Observer Voice
