Venezuela's Rodríguez to visit India as geopolitical tensions reshape the crude oil trade pattern

Impacted by the Iran conflict, India's crude oil supply faces pressure and the country is seeking to diversify its import sources. Energy security is expected to become a key topic in talks between the two sides. Ministry of External Affairs spokesperson Randhir Jaiswal said on Tuesday that Modi's bilateral meeting “will cover the entire range of India-Venezuela bilateral cooperation, exploring ways to deepen collaboration in energy, trade, investment, pharmaceuticals, and healthcare.” Rodríguez will visit from June 3 to 7. Previously, the Iran conflict disrupted navigation through the Strait of Hormuz; before the war, nearly 40% of India’s crude oil was imported via this critical waterway. India immediately started seeking to further expand its crude import channels, making this visit particularly timely. About 90% of India’s crude oil consumption relies on imports. After the United States eased sanctions on this OPEC oil producer, India, after a year, resumed importing a shipment of Venezuelan crude oil in April.