Interim Venezuelan President Delcy Rodríguez met with Indian Prime Minister Narendra Modi in New Delhi to discuss expanding Venezuelan oil sales to India [1, 2].

The meeting comes as India seeks to diversify its energy sources to protect against global price volatility and supply disruptions. Because India imports about 90% of its oil [1], securing stable partnerships with major producers is a critical component of its national security strategy.

Rodríguez visited India from June 3 to June 7, 2024 [2]. The bilateral meeting took place on Thursday, June 6, 2024 [1, 2]. The discussions focused on strengthening energy-security cooperation, and increasing the volume of crude oil shipped from Venezuela to Indian ports [3, 4].

Officials said the move is intended to mitigate the impact of global price spikes. This urgency is heightened by recent disruptions linked to the closure of the Strait of Hormuz [1, 4]. By increasing its reliance on Venezuelan crude, India aims to create a buffer against geopolitical instability in the Middle East.

The shift in trade patterns has already begun to accelerate. Reports indicate that Venezuela became one of India’s main oil suppliers within two months [5]. This rapid ascent highlights the strategic pivot India is making toward Latin American energy markets to ensure a steady flow of fuel.

Rodríguez and Modi focused on the logistics of expanding these trade ties. The cooperation aims to establish a more resilient energy pipeline that can withstand regional conflicts, and shipping bottlenecks [3, 4].

“India imports about 90% of its oil”

The deepening energy tie between India and Venezuela signals a strategic shift in India's procurement strategy. By diversifying away from the Middle East, particularly during disruptions in the Strait of Hormuz, India reduces its vulnerability to regional conflicts. For Venezuela, these agreements provide a critical economic lifeline and a major global market for its crude oil despite international political pressures.