en.Wedoany.com Reported - The Indian government has expressed its intention to deepen energy cooperation with Venezuela, including procuring crude oil supplies and investing in the country's oil sector. This statement was made following talks between Venezuelan Acting President Delcy Rodríguez and Indian Prime Minister Narendra Modi in New Delhi.

Rudrendra Tandon, Director of the East Asia Division at India's Ministry of External Affairs, told reporters during a briefing on Rodríguez's visit that the Indian government is actively seeking new sources of crude oil and energy to ensure its energy security. He described Venezuela as an opportunity and a key component of India's energy plans.

Rodríguez visited India from June 3 to 7, coinciding with India's renewed efforts to diversify crude oil sources following the Iranian conflict's blockade of the Strait of Hormuz. Before the conflict, nearly 40% of India's oil supply was transported through the strait. India relies on imports for about 90% of its crude oil consumption.

For the world's third-largest oil consumer, Venezuela is becoming an increasingly attractive energy source. After the United States eased sanctions on the OPEC producer, India received a shipment of Venezuelan crude in April, following a one-year gap.

According to data compiled by analytics firm Kpler, India's crude oil deliveries from Venezuela rose to approximately 283,000 barrels per day in April, the highest since March 2020. The firm estimates that arrivals in June could increase to around 380,000 bpd.

Tandon told reporters at the briefing on Thursday that there is perfect complementarity in the energy sector. In this month's spot purchases, Venezuela has become India's third-largest supplier.

Tandon noted that the two leaders also discussed potential Indian investments in Venezuela's pharmaceutical, mining, and critical minerals sectors. He added that no major agreements would be signed during the visit, and investments, including those in energy, would be subject to commercial negotiations between enterprises and handled at a later stage.

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