Prime Minister Narendra Modi met Venezuela's Acting President Delcy Eloína Rodríguez Gómez at Hyderabad House in New Delhi for high-level bilateral talks.
The meeting occurs as India seeks to diversify its energy sources and deepen ties with Venezuela to ensure long-term energy security. Strengthening this partnership is critical for India, which relies heavily on foreign energy to fuel its economy.
The discussions focused on expanding cooperation across several sectors, including energy, trade, investment, and development partnerships [1]. A primary driver for the engagement is India's increasing imports of Venezuelan crude oil [3]. By securing more oil from South America, India aims to reduce its vulnerability to regional disruptions in other parts of the world.
Energy security is a pressing concern for the Indian government. Currently, India imports 90% of its oil [2]. A significant portion of these imports, about 50%, passes through the Strait of Hormuz [2]. This creates a strategic risk, as any instability in that narrow waterway could jeopardize nearly half of the country's oil supply.
Acting President Rodríguez Gómez is in India for a five-day visit [1]. During her stay, the two leaders discussed ways to facilitate greater investment and streamline trade between the two nations. The talks at Hyderabad House mark a concerted effort to transition the relationship from simple buyer-seller transactions to a broader strategic partnership.
The focus on Venezuelan crude allows India to balance its energy portfolio. While the country continues to source oil from various global markets, the ability to import more from Venezuela provides a necessary hedge against the volatility of Middle Eastern shipping lanes.
“India imports 90% of its oil”
This diplomatic engagement signals India's strategic pivot toward diversifying its energy imports to mitigate geopolitical risks. By strengthening ties with Venezuela, India reduces its over-reliance on the Strait of Hormuz, a critical chokepoint where any conflict could disrupt half of its oil supply. This move reflects a broader effort to ensure national energy security through global diversification.
