PM Modi Meets Venezuela's Acting President Delcy Rodriguez as India Eyes More Oil

Prime Minister Narendra Modi on Thursday, June 4, met Venezuelan acting President Delcy Rodriguez in the national capital. Rodriguez arrived in India on Wednesday on a five-day visit to expand energy cooperation, as New Delhi seeks to diversify its crude oil procurement amid supply disruptions from the West Asia crisis. Rodriguez took charge as Venezuela's acting president following the detention of then-president Nicolas Maduro by US forces in January.External Affairs Minister S Jaishankar and Foreign Secretary Vikram Misri were among those present in the meeting.Earlier today, EAM Jaishankar called upon Rodriguez separately. In a post on X, Jaishankar said he was "pleased to call on Acting President Delcy Rodriguez of Venezuela in New Delhi today."

"Deeply value her longstanding commitment to the India-Venezuela relationship," the minister said. The Venezuelan acting president is accompanied by several ministers, including the ministers of foreign affairs, economy and finance, science and technology, communication and information, and transportation.

India's Stand on Venezuelan Oil

India used to be a major processor of Venezuelan heavy crude, and imported more than 4,00,000 barrels per day at peak levels. However, the import fell due to sweeping US sanctions and rising compliance risks in 2020. India once again started purchasing crude oil from Venezuela after the sanctions were lifted following Maduro's capture. Indian oil marketing companies significantly ramped up crude oil sourcing from Venezuela in the last few weeks, largely due to the West Asia crisis.From a very long time, the two countries have robust cooperation in the energy sector. The ONGC Videsh Limited (OVL) has a joint venture with Corporacion Venezolana del Petroleo (CVP). The joint venture is known as "PetroleraIndovenezolana SA" for the production and exploration of oil in the San Cristobal field, in which the OVL has a 40-per cent stake.(With agency inputs)