Prime Minister Narendra Modi held discussions with Venezuela’s acting president Delcy Rodríguez on Thursday, with energy cooperation emerging as a key focus of the meeting.

The talks took place as India has significantly increased imports of Venezuelan crude oil under a new arrangement that emerged following the removal of former Venezuelan president Nicolás Maduro earlier this year.

Rodríguez visited India from June 3 to June 6 and was accompanied by a high-level delegation that included Venezuela’s foreign, finance, science and transportation ministers. During her visit, she also met External Affairs Minister S. Jaishankar and was scheduled to hold talks with Petroleum Minister Hardeep Singh Puri.

Energy Cooperation Dominates India-Venezuela Discussions

The two sides focused heavily on cooperation in the energy sector. MEA Secretary (East) Rudrendra Tandon said Venezuela has already become India's third-largest supplier of crude oil through spot purchases this month.

He said both countries discussed opportunities for Indian companies to participate in upstream and downstream projects in Venezuela's oil industry. “The Venezuelan energy sector is undergoing a fundamental transformation. They see India as a stable demand for many years to come. Therefore, there exists a perfect complementarity for India and Venezuela to work in the energy sector, both upstream as well as downstream,” he said. No agreements were signed during the visit.

India Increases Venezuelan Oil Imports Amid West Asia Supply Disruptions

India's growing imports of Venezuelan crude have been driven largely by disruptions in West Asian oil supplies. The ongoing US-Israel conflict involving Iran has severely affected shipping through the Strait of Hormuz, prompting Indian refiners to seek alternative sources of crude oil.

According to Reuters data based on tanker movements and records from Petróleos de Venezuela (PDVSA), Venezuela's oil exports rose to 1.25 million barrels per day in May, marking the third consecutive monthly increase. India imported around 427,000 barrels per day, making it the second-largest buyer of Venezuelan crude after the United States.

Reliance Industries has become one of the largest buyers of Venezuelan oil in recent months. The company has reportedly purchased cargoes directly from PDVSA as well as through traders including Chevron, Vitol and Trafigura.

When asked about payment mechanisms for oil imports, Tandon said companies operating in Venezuela would need to comply with "existing payment arrangements" but did not provide further details.

Leaders Discuss Political Transition in Venezuela

Tandon said Modi and Rodríguez held a "very frank conversation" regarding Venezuela's political transition following the January US military operation. However, he declined to provide specific details about the discussion. “We all know that there was a transition in Venezuela, but we are working with a government that is friendly, that wants a partnership with India,” he said.

ONGC Videsh Dues and Pharmaceutical Payments Raised During Talks

The issue of unpaid dividends owed to ONGC Videsh was also discussed during the meetings. According to Tandon, more than $500 million remains outstanding from ONGC Videsh's investments in Venezuela.

“It is an issue that is there on the table and they are very well sensitive to this issue,” he said. The two sides also discussed pending payments to Indian pharmaceutical companies from the sanctions period, estimated at between $700 million and $800 million.

India and Venezuela Explore Cooperation Beyond Energy

Apart from energy, both countries explored opportunities in several other sectors. Discussions covered mining, including gold, diamonds and critical minerals, as well as transportation, automotive manufacturing, pharmaceuticals and animal husbandry. Tandon said the two countries also examined possibilities for cooperation in assessing Venezuela's mineral reserves.

Pharmaceutical Sector Identified as Priority Area

Pharmaceutical cooperation featured prominently during the talks. According to Tandon, the Venezuelan delegation expressed strong interest in obtaining affordable, high-quality generic medicines from India for its public healthcare system. He added that Modi directed one of the visiting ministers to receive a briefing on India's Janaushadhi scheme.

Delcy Rodríguez Makes Sixth Visit to India

According to the Ministry of External Affairs, this was Rodríguez's sixth visit to India. She previously visited as Venezuela's foreign minister in 2015 and as vice president in 2019, 2023, 2024 and 2025. Officials also confirmed that she would visit several industrial and refining facilities in different Indian cities during the course of her trip.