Narendra Modi held a phone conversation on Friday with Delcy Rodriguez, during which both sides expressed their intention to strengthen bilateral cooperation and elevate ties in the coming years, even as Venezuela’s relations with Washington remain strained.
This exchange marked the first known contact between Modi and Rodriguez since the reported US military operation on January 3 that led to the capture of long-time Venezuelan leader Nicolas Maduro. After the call, Modi shared that both leaders agreed to broaden and deepen collaboration across sectors with the goal of taking India–Venezuela relations to a higher level over time.
The timing of the conversation is notable given trade pressures linked to Donald Trump’s tariff policies. Washington has been pushing countries, including India, to conclude trade arrangements, and has already imposed steep tariffs on New Delhi tied to its continued purchase of Russian crude. At the same time, the White House has indicated openness to allowing India to buy Venezuelan oil through a framework overseen by the US, potentially reviving a trade route previously restricted by sanctions.
US Energy Secretary Christopher Wright recently said that Washington plans to release tens of millions of barrels of Venezuelan crude currently in storage and later offer additional supplies from future output. Such steps could influence global oil flows, with the US supervising how the oil is marketed and how revenues are handled. In remarks to Fox Business, he explained that Venezuelan oil would re-enter the market under strict controls, with proceeds directed into designated accounts.
Trump has also spoken about selling up to 50 million barrels of Venezuelan crude and suggested that large investments could flow into reviving the country’s energy industry. These statements carry significance because Venezuela holds the world’s largest proven oil reserves but has seen output weakened by sanctions, governance issues and limited investment.
Historically, India and Venezuela have maintained friendly ties, with energy trade forming a major pillar since the early 2000s. Venezuelan heavy crude was once a key input for Indian refiners, and at one stage India bought a substantial share of Venezuela’s exports. However, tighter US sanctions in the late 2010s forced Indian firms to scale back purchases to avoid penalties.
By the 2024–25 fiscal period, India’s oil imports from Venezuela had fallen sharply, dropping by more than four-fifths compared with the previous year, and overall trade between the two countries remained limited. Recent figures show Indian imports from Venezuela valued in the hundreds of millions of dollars, dominated by crude oil, while Indian exports—mainly pharmaceuticals—were comparatively smaller.
