Indian Prime Minister Narendra Modi and Acting President of Venezuela Delcy Rodriguez discussed long-term energy partnerships, critical minerals cooperation, and expanding India–Venezuela strategic engagement in June 2026.
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Key Highlights of India–Venezuela Meets
- Long-Term Energy Partnership Discussions: Both sides explored the possibility of shifting from spot purchases to long-term crude oil supply contracts to enhance India’s energy security and ensure stable Venezuelan exports.
- Cooperation in Critical Minerals Sector: The leaders agreed to strengthen collaboration in critical minerals, including exploration, mining, processing, and supply-chain diversification to support clean energy transitions.
- Expansion of Oil Sector Investments: Discussions focused on greater participation of Indian companies in Venezuela’s upstream and downstream oil sectors as Venezuela undertakes major energy-sector reforms.
- Strengthening Pharmaceutical Cooperation: Expanding access to affordable Indian generic medicines following the signing of the MoU recognizing the Indian Pharmacopoeia in March 2026.
- Technical Delegation and Business Engagement: India will send a technical team to Venezuela to identify opportunities in energy, mining, transportation, agriculture, and industrial cooperation.
About India–Venezuela Relations
- Historical and Diplomatic Partnership: India and Venezuela share cordial relations based on common positions on major international political and economic issues.
- The two countries celebrated 66 years of diplomatic relations in 2025, with resident embassies in New Delhi and Caracas for over four decades.
- Political and Multilateral Cooperation: Both countries cooperate closely in multilateral forums such as the Non-Aligned Movement (NAM), Voice of Global South Summit (VOGSS), and discussions related to BRICS expansion.
- High-level exchanges have intensified in recent years, particularly under the leadership of Acting President Delcy Rodriguez.
- Energy and Hydrocarbon Cooperation: Energy remains the cornerstone of bilateral relations.
- Venezuela possesses the world’s largest proven oil reserves (~303 billion barrels), while India is among the fastest-growing energy consumers which import over 85% of its crude requirements.
- Cooperation includes crude oil trade, refinery partnerships, and upstream investments through ONGC Videsh.
- Economic and Trade Relations: Bilateral trade stood at approximately US$ 679 million in FY 2025-26.
- India’s major exports include pharmaceuticals, cotton, machinery, and refined petroleum products, while imports primarily comprise crude oil, mineral fuels, aluminium, and iron products.
- Cultural and Development Cooperation: India promotes Ayurveda, Yoga, scholarships, and capacity-building programmes in Venezuela through Indian Technical and Economic Cooperation Programme (ITEC) , the Atal Bihari Vajpayee Scholarship Scheme, and the India-UNDP Development Partnership Fund.
Significance
- Enhancing India’s Energy Security: The visit supports India’s strategy of diversifying crude oil sources amid geopolitical uncertainties and reducing excessive dependence on traditional suppliers.
- Securing Access to Critical Minerals: Cooperation in critical minerals strengthens India’s clean energy ambitions, electric vehicle ecosystem, and manufacturing resilience under strategic mineral security initiatives.
- Strengthening India’s Global South Outreach: The engagement reinforces India’s leadership among Global South nations and deepens partnerships with Latin American countries on trade, development, and multilateral governance.
- Expanding Economic Opportunities for Indian Businesses: Venezuela’s ongoing economic and energy-sector reforms create new opportunities for Indian firms in hydrocarbons, pharmaceuticals, mining, agriculture, and infrastructure development.
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Conclusion
The recent engagement marks a renewed phase in India–Venezuela relations, driven by energy security, critical minerals cooperation, economic diversification, and Global South solidarity.
5 Jun 2026
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