In recent months, India has already emerged as the second-largest importer of Venezuelan oil.
Following this, US President Donald Trump announced that India would now begin buying oil from Caracas, as opposed to purchases from Iran.
“India is coming in, and they’re going to be buying Venezuelan oil as opposed to buying it from Iran.
The Russia factor Ahead of the US-Iran war, India was among the top purchasers of Russian oil.
Due to disruptions in oil and gas supply, Washington announced a sanctions waiver for the purchase of Russian oil, but limited it to oil that was already seaborne.
As the ongoing conflict between the United States-Israel and Iran continues to impact the global oil and supply chain, India is moving to diversify its imports. And amidst this comes a key visit of the leader of an oil-rich nation, currently being governed in effect by the US. As per India's Ministry of External Affairs, the Venezuelan leader will take part in bilateral discussions with Prime Minister Modi, (AFP)
Venezuelan interim president Delcy Rodriguez, who took over after the “capture” of sitting president Nicolas Maduro by the US, will be on a visit to India from June 3 to 7.
This comes as the blockade of the Strait of Hormuz, which triggered the global energy crisis, persists, and the Narendra Modi government has announced fuel-saving measures too. In a longer-term move, India has also moved towards securing crude from Venezuela as part of its attempt to diversify its imports.
As per India's Ministry of External Affairs, the Venezuelan leader will take part in bilateral discussions with Prime Minister Narendra Modi, covering the full spectrum of India-Venezuela relations and exploring avenues for further cooperation in energy, trade, investment, pharmaceuticals, healthcare, transportation, and renewable energy.
MEA spokesperson Randhir Jaiswal added that the interim president will be accompanied by several ministers, including those for foreign affairs, economy and finance, science and technology, communication and information, and transportation.
In recent months, India has already emerged as the second-largest importer of Venezuelan oil. As per a Reuters report, as of May 2026, India has purchased 427,000 barrels per day, second to the United States's purchase from the South American country.
Furthermore, private Indian oil giant Reliance Industries also made its place in Venezuela among the three largest buyers of crude in recent months.
India looks to Venezuela, with a push from US India's diversification towards Venezuela also comes amid a push from the United States to buy Venezuelan oil, especially after its January raid against Maduro changed the regime.
Oil supply from Venezuela had been halted in 2025 after the US warned of a 25% tariff on countries buying oil from the Latin American nation when it was run by Maduro.
However, following the US military operation in Venezuela and a subsequent oil pact under the new regime, the door to Caracas was once again opened.
Based on the pact between the US and Venezuela, Washington will control the proceeds from oil sales through bank accounts, which will be administered by the US Treasury Department.
Following this, US President Donald Trump announced that India would now begin buying oil from Caracas, as opposed to purchases from Iran. “India is coming in, and they’re going to be buying Venezuelan oil as opposed to buying it from Iran. So, we’ve already made that deal, the concept of the deal,” Trump told reporters in February.
While India did not explicitly comment on the statement, the MEA stated that New Delhi will continue to diversify while prioritising energy security for its 1.4 billion population.
"Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this. All of India's decisions are taken and will be taken with this in mind," said Jaiswal in February.
The Russia factor Ahead of the US-Iran war, India was among the top purchasers of Russian oil. In order to punish India for allegedly “funding Vladimir Putin's war” against Ukraine, Trump announced a 50% total tariff on New Delhi — 25% “reciprocal” for its high tariffs on US goods and an additional 25% as a “penalty” over the Russian oil purchases.
However, with the breakout of the war in West Asia, India once again resumed its purchase of Russian oil, with prior nod from the US. Due to disruptions in oil and gas supply, Washington announced a sanctions waiver for the purchase of Russian oil, but limited it to oil that was already seaborne. The US claimed that this waiver would not be financially advantageous to Moscow in any way.
The waiver, which was first issued in March for 30 days, was extended in May and is set to expire on June 17.
