India and Venezuela held high-level discussions in New Delhi on 4 June 2026, focusing on expanding their energy partnership and establishing long-term contracts. The talks involved Venezuela’s Acting President Delcy Rodriguez and Prime Minister Narendra Modi, with both sides expressing intent to deepen cooperation in oil, critical minerals, technology, agriculture, health, and people-to-people ties. Venezuela has recently undergone a political transition, with Rodriguez assuming office after the abduction of President Nicolas Maduro in January.According to The Indian Express, Prime Minister Narendra Modi described Venezuela as a valued partner in Latin America and emphasised the importance of close cooperation for the Global South. He stated that both countries would continue to work together for the mutual benefit of their populations, highlighting the significance of energy, minerals, and technology in the bilateral agenda.During the discussions, Indian officials noted that Venezuela possesses one of the world’s largest oil reserves, while India’s growing economy ensures stable demand for crude oil. Coverage revealed that Venezuela has emerged as India’s third-largest oil supplier in recent months, and both sides are considering moving from spot purchases to long-term supply agreements to enhance energy security.Venezuela’s energy sector is currently undergoing significant restructuring, with reforms aimed at opening oil and electricity markets to private capital. Indian companies have been invited to participate in both upstream and downstream segments of Venezuela’s energy industry. Analysis showed that the Venezuelan delegation conveyed openness to business and reform, while Indian officials indicated readiness to facilitate company-level engagement. "The message that came across very clearly from the Venezuelan side is that they are open for business, they are reforming their industry, so there are great opportunities for India. And our response to that was that we are willing, our companies are willing, and we will take steps to facilitate that as a government," an Indian official stated.Petroleum Minister Hardeep Singh Puri highlighted that India and Venezuela have maintained an energy partnership since 2008, with India possessing the technological expertise and refining capacity to process Venezuelan crude. Reporting indicated that Venezuela was among India’s largest crude oil suppliers in April and May 2026, reflecting the future potential of the relationship.In addition to oil, the two countries discussed cooperation in critical minerals, gold and diamond mining, animal husbandry, transportation, automotive sectors, and pharmaceuticals. Further details included Venezuela’s interest in Indian generic pharmaceuticals and the potential for Indian technical teams to visit Venezuela to explore new opportunities.India’s strategy to diversify energy sources has gained urgency due to developments in the Middle East and global market volatility. As details emerged, India continues to seek secure and diversified crude oil supplies, with Venezuela positioned as a key partner amid shifting geopolitical dynamics."Venezuela possesses the biggest proven reserves of oil in the world, while India not only possesses huge demand for energy but also has the technological expertise and manpower to refine Venezuelan crude in our refineries," Petroleum Minister Hardeep Singh Puri stated.Indian and Venezuelan officials agreed that while government-level facilitation is important, commercial decisions regarding pricing and payment mechanisms will be determined by the companies involved. Coverage revealed that India’s approach is shaped by the need to ensure energy security and respond to international pressures, particularly regarding oil imports from sanctioned countries.Note: This article is produced using AI-assisted tools and is based on publicly available information. It has been reviewed by The Quint's editorial team before publishing.