PM Modi met acting Venezuelan President Delcy Rodríguez in New Delhi.
The talks focused on energy, trade, healthcare and investment cooperation.
The meeting comes as India increases imports of Venezuelan crude oil.
Prime Minister Narendra Modi on Thursday held talks with acting Venezuelan President Delcy Rodríguez. The discussions focused on cooperation in areas such as energy security, trade and investment, pharmaceuticals, healthcare, transportation and renewable energy.
Rodríguez is leading a high-level Venezuelan delegation that includes ministers handling foreign affairs, economy and finance, science and technology, and transportation.
The meeting's significance is underscored by the global energy uncertainty caused by disruptions linked to the West Asia conflict. India, the world's third-largest oil importer, has been increasing its purchases of Venezuelan crude. The talks could pave the way for expanded trade ties between the two countries, providing India with a reliable source of crude oil while giving Venezuela a major buyer for its most important export.
India-Venezuela Trade Ties
Indian oil refineries were once among the largest processors of Venezuelan crude, importing more than 400,000 barrels per day at peak levels before US sanctions disrupted the relationship.
Following the easing of sanctions and political changes in Venezuela, Indian refiners resumed importing crude from the South American nation. Venezuela was India's fifth-largest source of crude oil imports in May, supplying about 266,000 barrels per day, or roughly 5.3% of India's total crude imports, according to a BBC report citing maritime analytics firm Kpler.
Venezuela, which possesses the world's largest proven oil reserves, is often viewed as an important option when India seeks to diversify its crude imports beyond the Middle East.
A growing trade relationship between the two countries could also be viewed favourably in Washington, which has repeatedly encouraged India to reduce its dependence on Russian crude.
“Indian PSUs have made significant investments in Venezuela in the energy sector, and they are keen to explore opportunities for further enhancing their presence,” a statement from the Ministry of External Affairs said, signalling India's interest in expanding energy cooperation with Venezuela.
