Meeting occurred on 04 June 2026 in New Delhi between Union Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri and Venezuela's Acting President H.E. Ms. Delcy Eloína Rodríguez Gómez
Senior officials of the Ministry and Chairpersons of various Public Sector Oil companies attended the meeting
Venezuela possesses the world's largest proven oil reserves
Venezuela is among India's leading crude oil suppliers in April-May 2026
India's average monthly imports from Venezuela increased from 64.027 TMT during FY 2025-26 to 1,047.148 TMT in April-May of FY 2026-27
India's total investment in Venezuela's oil sector stands at approximately USD 1 billion
Investments are in San Cristóbal and Petrocarabobo-1 projects located in the Orinoco Belt
Indian Public Sector Companies have had presence in Venezuela's upstream sector since 2008
India's refining sector is equipped to process Venezuela's heavy crude
Geopolitical and supply disruptions impacted crude oil imports from the Gulf
Venezuela is considered a strategic partner for India's energy diversification
