Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTSrividya KalyanaramanThu, June 4, 2026 at 4:07 PM GMT+2 2 min readIndia Is Going Past Hormuz to Get Oil From Venezuela - MobyTHE GISTOur analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.With the Strait of Hormuz out of commission, India has to go farther for its oil. As far as Venezuela. Venezuelan acting President Delcy Rodriguez landed in New Delhi this week for a high-stakes diplomatic push, meeting Prime Minister Narendra Modi to lay the foundation for what could become a long-term energy partnership.WHAT HAPPENEDRodriguez is in India for the first time since she assumed the presidency after Nicolas Maduro was abducted by the US military in January. Her visit has one main objective: expand Venezuela's crude oil exports to India at a moment when the global supply architecture is fractured.Nearly half of India's crude imports from Gulf producers are stuck behind the Strait of Hormuz, so New Delhi is scrambling for alternatives. Caracas responded promptly. Venezuela emerged as India's third-largest crude supplier this month, shipping around 417,000 barrels per day in June, up sharply from 283,000 bpd in April and nothing at all during the previous nine months under Maduro.WHY IT MATTERSOne stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.India consumes 5.6 million barrels a day, third only to the US and China, representing about 5% of global oil demand. Ninety percent of that is imported, and roughly half ordinarily flows through the Strait of Hormuz. The Iran war has turned that calculus into a crisis.India could have always bought from Venezuela. The country holds the world's largest proven reserves at an estimated 303 billion barrels, about 17% of known global oil resources, larger than Saudi Arabia and the United States. There's also a refinery fit: Venezuelan ultra-heavy crude is well-suited to Reliance Industries' facilities, one of the few in the world capable of processing it efficiently.The obstacle for years was US sanctions and political instability. Rodriguez's ascent changed that. Her government signed a new oil supply agreement with the US allowing a limited number of companies to buy Venezuelan crude directly from the state oil company.WHAT'S NEXTFast-tracking of everything. Indian state-owned firms, led by ONGC Videsh, have longstanding ties with Venezuela's oil sector going back to 2008, including stakes in the Carabobo-1 project in the Orinoco Oil Belt. Expect those upstream investment ties to be revived and expanded. Beyond oil, Modi and Rodriguez explored opportunities in mining, critical minerals, pharmaceuticals, and automobiles. Rodriguez is also touring Indian energy, pharmaceutical, and industrial facilities before she heads home.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info