Delcy Rodríguez visits India - will Venezuelan oil earn permanent place in Delhi's energy mix?

June 3, 2026

Venezuela's acting president Delcy Rodríguez is visiting India to discuss expanding economic ties, with the relationship centered primarily on oil trade. India has significantly increased its purchases of Venezuelan crude oil in recent months, making Venezuela its fifth-largest supplier as tensions in the Middle East threaten supplies through the Strait of Hormuz. Indian refineries are particularly suited to process Venezuela's heavy, sulfur-rich crude oil, which is relatively inexpensive despite being difficult to refine.

Who is affected

Delcy Rodríguez, Venezuela's acting president
Indian Prime Minister Narendra Modi and senior Indian officials
Indian state-run energy firms with investments in Venezuela
Indian oil refiners processing Venezuelan crude
India (as the world's third-largest oil importer, importing 90% of its oil needs)
Venezuela (as an oil-producing nation)

What action is being taken

Delcy Rodríguez is currently in India for talks on trade, investment, healthcare, and renewable energy
India is importing approximately 266,000-300,000 barrels per day of Venezuelan crude oil
Indian refineries are processing Venezuelan heavy, sulfur-rich crude into diesel and jet fuel
Indian state-owned energy firms are maintaining investments in Venezuela's oil sector

Why it matters

This relationship matters because India faces critical energy security challenges with roughly half its crude imports passing through the Strait of Hormuz, which is now effectively closed by conflict in the Gulf region. Venezuela's position as the holder of the world's largest proven oil reserves provides India with a crucial diversification option away from Middle Eastern suppliers. The renewed oil trade also represents a strategic hedge against supply disruptions and reduces India's reliance on any single supply region, even though Venezuela cannot fully replace major suppliers due to production limitations.

What's next

No explicit next steps stated in the article

Read full article from source: BBC