India will have an opportuity to size up Venezuela ‘s Acting President and Executive Vice President Delcy Rodriguez, who is expected this week. Rodriguez has been acting president since her boss and long time strongman Nicholas Maduro, was abducted and flown to the US in January.
She has an India link, being associated with the Puttaparthi Sathya Sai Baba whose ashram she has visited during previous trips to India. Apparently there are others in her circle with similar associations. A visit to the ashram is likely.
But this visit by Rodriguez is primarily about energy and according to energy analytics firm Kpler, Venezuela emerged as India ’s third-largest crude oil supplier in May, overtaking both Saudi Arabia and the United States. Only Russia and the United Arab Emirates supplied more crude to India during the month.
Also, India has become the single largest buyer of Venezuelan crude globally, ahead of both China and the United States.
Following disruptions linked to US-Israel war on Iran, Russian crude delivered to Indian ports became more expensive than it had been during the immediate post-Ukraine conflict period.
As Russian discounts narrowed, Venezuelan crude began attracting Indian refiners. It is currently trading at discounts of around $5–8 per barrel to Brent, making them commercially attractive for complex refineries capable of processing heavier crude varieties.
Reliance Industries, Indian Oil Corporation and Hindustan Petroleum have emerged as major buyers. Imports from Venezuela rose sharply with shipments reaching 417,000 barrels per day in May.
However, Venezuelan oil cannot replace Russian supplies since it is heavy and sulphur-rich, requiring specialized refining infrastructure. Only a limited number of Indian facilities, including Reliance’s Jamnagar complex, IOC’s Paradip refinery, Bharat Petroleum facilities and HPCL-Mittal Energy’s Bathinda refinery, are equipped to process large volumes efficiently.
Critical minerals could emerge as a new frontier in India-Venezuela cooperation alongside energy. Venezuela has nickel, iron ore, bauxite and deposits associated with rare earth and strategic minerals. As India seeks secure and diversified supply chains for electric mobility, renewable energy, electronics and defence production, Venezuela offers a potential long-term source of raw materials.
Discussions between the two sides could explore opportunities in mining, mineral processing, technology transfer and investment partnerships.
Legacy Investment Issues
ONGC Videsh has reportedly been unable to repatriate more than $500 million in dividends linked to its stake in Venezuela’s San Cristobal oil project due to sanctions-related restrictions. Indian officials have repeatedly raised the issue during bilateral engagements, and the matter is expected to feature in discussions during Rodríguez’s visit.
While recent trade understandings between Washington and New Delhi have eased immediate concerns regarding secondary measures on Venezuelan oil purchases, uncertainty remains over the long-term sanctions landscape.
Venezuela’s Aspirations
Venezuela has long expressed interest in deeper engagement with BRICS mechanisms and broader South-South cooperation frameworks. With discussions around expanded BRICS partnerships continuing to evolve, her visit provides an opportunity for consultations with Indian leadership on the future architecture of Global South cooperation.
India and Venezuela have increasingly found common ground on issues relating to multipolarity, development financing, energy security and reform of global governance institutions. New Delhi’s expanding engagement with Latin America and the Caribbean has also elevated the strategic importance of relations with Caracas.
Beyond hydrocarbons, Venezuelan officials have repeatedly highlighted opportunities for Indian participation in sectors ranging from healthcare and pharmaceuticals to science and technology. Caracas has also sought to attract foreign investment through policy measures designed to mitigate the impact of international sanctions and encourage new partnerships.
