Prime Minister Narendra Modi and Acting President Delcy Rodríguez met in New Delhi to discuss expanding energy, trade, and critical mineral cooperation [1, 2].
The meeting underscores India's effort to diversify its energy sources and strengthen ties with the Global South to reduce reliance on specific volatile shipping routes.
Rodríguez visited India from June 3 to June 7, 2024 [1]. The bilateral meeting took place on Thursday, June 6, 2024 [2]. The Acting President traveled with a delegation consisting of five ministers [4].
Discussions centered on increasing Venezuelan crude oil supplies to India and exploring joint projects in mining and critical minerals [1, 3]. Both leaders also addressed potential collaboration within the BRICS framework [3].
"Venezuela is a valued partner in Latin America and our growing cooperation holds immense importance for the Global South," Modi said [3].
India imports about 90% of its oil [5]. This reliance creates strategic vulnerabilities, as around half of those imports pass through the Strait of Hormuz [5]. By increasing imports from Venezuela, India seeks to mitigate these risks through a more varied supplier base [2].
The two nations viewed the talks as a way to position Venezuela as a key partner in the Global South [3]. The four-day visit focused on establishing a long-term energy partnership to ensure stability in fuel supplies [4].
“Venezuela is a valued partner in Latin America and our growing cooperation holds immense importance for the Global South.”
This diplomatic engagement reflects India's strategic necessity to hedge against energy insecurity. Because a significant portion of India's oil relies on the narrow Strait of Hormuz, securing long-term agreements with Latin American producers like Venezuela allows New Delhi to diversify its portfolio and decrease its geopolitical vulnerability to Middle Eastern instability.
