India deepens energy ties with Venezuela as crude flows rise

India has become one of Venezuela’s biggest crude buyers as refineries seek heavier oil and diversify away from Middle East supply risks. The relationship will be front and center at Venezuela Energy Week 2027 in Caracas this February, where PDVSA and international operators will pitch new production and partnership opportunities.

Why it matters: - India’s growing role gives Venezuela a large, stable buyer for its heavy crude. - The shift supports PDVSA’s push to expand production and attract new investment. - The relationship could shape upstream deals, long-term supply contracts and refinery ties across Asia and Latin America.

What happened: - Venezuela became India’s third-largest crude supplier in May, shipping around 417,000 barrels per day, up from 283,000 bpd in April. - Reliance Industries was the principal buyer of Venezuelan crude. - Venezuela Energy Week 2027 will take place in Caracas on February 22–25. - The event is organized by Energy Capital & Power under the patronage of Acting President Delcy Rodriguez, PDVSA and the Ministry of Hydrocarbons.

The details: - Venezuela holds the world’s largest proven oil reserves, much of it heavy, high-sulfur crude from the Orinoco Belt. - Indian refineries, including Reliance Industries’ Jamnagar complex in Gujarat, are well suited to processing that crude. - Indian refiners have been diversifying supply amid disruption to Middle East shipping routes. - Venezuelan crude grades are competitive on price and work well in India’s high-conversion refineries. - PDVSA wants a broader commercial base to support production growth. - Minister of Hydrocarbons Paula Henao is expected to address that growth agenda at VEW 2027. - Acting President Delcy Rodriguez visited India from June 3–7 with ministers responsible for foreign affairs, finance, science and transportation. - Rodriguez told Prime Minister Narendra Modi that India is a preferred energy partner and a stable source of demand for years to come. - Modi said the relationship would cover the full value chain, according to Rudrendra Tandon, Secretary (East) at India’s Ministry of External Affairs. - Tandon said there exists “a perfect complementarity for India and Venezuela to work in the energy sector, in both upstream and downstream.” - Petroleum and Natural Gas Minister Hardeep Singh Puri told Rodriguez that Indian companies were ready to deepen their presence in Venezuela. - Rodriguez invited an Indian delegation to visit Venezuela. - VEW 2027 will bring the ministry, PDVSA and international operators together under one program for that engagement to continue. - ONGC Videsh, the overseas arm of India’s Oil and Natural Gas Corporation, holds stakes in the San Cristóbal and Carabobo-1 projects in the Orinoco Belt. - Indian media reports say ONGC Videsh is in talks with PDVSA to take over operatorship of both projects. - PDVSA says it welcomes new partnership structures. - PDVSA Executive Vice President Jovanny Martínez said, “The only way for our ambitions to become a reality is for us to promote investments, find association schemes and present opportunities to the world.” - External Affairs Minister S. Jaishankar met Venezuelan Foreign Minister Félix Plasencia González at the United Nations General Assembly in September. - Jaishankar said after the meeting that energy ties are gaining momentum, along with other areas of bilateral cooperation. - VEW 2027 will include a Deal Room and a Farm-In/Farm-Out Forum focused on producing assets and partnership opportunities. - The forum is aimed at investors from Asia, the Americas, Europe and the Middle East. - The event will connect global refiners and national oil companies with PDVSA and operators leading Venezuela’s production growth. - Registration and sponsorship information is available at the event website and the sponsorship page. - The event’s LinkedIn page is available at Venezuela Energy Week on LinkedIn.

Between the lines: - India and Venezuela are building a relationship that looks less like a one-off trade flow and more like a longer-term energy alignment. - Venezuela gains access to buyers who can process its heavier grades. - India gains another source of crude as refiners manage geopolitical and shipping risk. - The push for operatorship changes at Orinoco projects suggests Venezuela wants partners that bring capital, technical capacity and market access.

What's next: - The key test will be whether upstream agreements and long-term supply arrangements advance before or during VEW 2027. - Discussions at the Caracas event will likely center on investment structures, operatorship and future production growth. - India’s energy companies and PDVSA are expected to use the conference to expand the partnership beyond crude purchases.

The bottom line: - Venezuela needs investment and reliable outlets for its oil. India needs flexible crude supply. VEW 2027 is where both sides will try to turn that fit into deals.