Venezuela’s Acting President Delcy Rodriguez is scheduled to be in India from June 3-7 to discuss energy cooperation and trade and investment. Her visit has come at a time when the country is increasing crude oil purchases from the Latin American nation, as the West Asia conflict continues to disrupt fuel supplies from oil-producing and exporting nations in the Gulf.
Ministry of External Affairs spokesperson Randhir Jaiswal said, “…Her Excellency Ms Delcy Rodriguez, Acting President of the Bolivarian Republic of Venezuela, who was earlier scheduled to visit India to participate in the International Big Cats Alliance summit on June 1, which has been deferred, as you know, will pay a working visit to India from June 3 to June 7. She will be accompanied by several ministers, including the Minister of Foreign Affairs, Economy and Finance, Science and Technology, Communication and Information, and Transportation.”
After US President Donald Trump authorised a 25 percent discretionary tariff on countries purchasing oil from Venezuela, India had stopped buying Venezuelan crude last year. However, imports resumed when sanctions were eased in February following an oil supply agreement between the US and Venezuela.
This visit also holds significance as India’s stated position is diversification of crude oil source, which was reaffirmed by External Affairs Minister Dr S Jaishankar during a recent visit of the US Secretary of State Marco Rubio. Besides, Venezuela could be a strategically crucial crude oil supplier for India, as it has the world’s largest proven crude oil reserves, estimated at over 300 billion barrels.
