India signals interest in long-term Venezuela oil ties, says focus on diversifying energy sources – Firstpost

India has signalled its willingness to build a stable and long-term energy partnership with Venezuela as New Delhi looks to diversify its crude oil supply sources to strengthen energy security.

Responding to a question on the possibility of discounted oil supplies from Venezuela, Rudrendra Tandon, Secretary (East) in the Ministry of External Affairs, said India’s approach as one of the world’s largest energy consumers is driven by supply diversification and long-term stability.

“As a big country, our goal is to diversify sources to as many sources as possible,” Tandon said.

He highlighted that India’s growing economy will continue to create sustained demand for energy, making the country an attractive long-term partner for oil-producing nations.

“We are going to be stable buyers for many, many years to come,” he added.

Tandon said long-term energy agreements could provide greater certainty for producers compared to short-term market-based arrangements.

“It is in their interest to enter a long-term contract rather than to do spot buying,” he said.

The comments came during a briefing on Venezuelan Vice President Delcy Rodríguez’s working visit to India, where energy cooperation emerged as one of the major areas of discussion.

Venezuela, which holds the world’s largest proven crude oil reserves, has historically been an important supplier for India. The latest engagement comes as India continues to expand its energy partnerships globally to reduce dependence on limited supply sources and protect itself from volatility in international oil markets.

Tandon said India and Venezuela see strong complementarities in the energy sector, though he did not reveal specific details of the discussions.

“We see perfect complementarity in the energy sector. We are not going into details of the conversation,” he said.

The discussions also covered broader economic cooperation beyond oil, including critical minerals, mining, pharmaceuticals, automobiles and opportunities for Indian businesses in Venezuela.

Officials said the talks reflected efforts by both countries to explore a wider economic partnership, with energy remaining a central pillar of engagement.