Overview
- Prime Minister Narendra Modi met Venezuela’s acting president Delcy Rodríguez on Thursday to scope a structured energy partnership covering exploration, production, refining and trade.
- Indian refiners have sharply increased spot purchases of Venezuelan crude in recent weeks, with Reuters‑cited data reporting about 427,000 barrels per day in May as Venezuela became a top supplier.
- Officials announced practical follow‑ups, including an Indian technical team visit to Venezuela and industry exchanges such as Rodríguez’s planned tour of Reliance’s Jamnagar refinery.
- Several commercial obstacles remain unresolved, notably more than USD 500 million in unpaid dividends to ONGC Videsh and payment arrangements that reflect U.S. oversight of Venezuelan oil proceeds.
- Talks also opened cooperation beyond oil in critical minerals, pharmaceuticals, autos and agriculture, while no large binding long‑term contracts were signed during the visit.