October 9, 2026: 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 it, and this year India has become one of the largest buyers of Venezuelan crude while its national oil company seeks a larger role in production. Venezuela’s expanding relationship with buyers and traders from around the world will be in focus at Venezuela Energy Week (VEW) 2027 in Caracas this February.

Venezuela became India’s third-largest crude supplier in May this year, shipping around 417,000 barrels per day, up from 283,000 bpd in April, with Reliance as the principal buyer. Indian refiners have been diversifying supply amid disruption to Middle East shipping routes, and Venezuelan grades offer competitive pricing and yield well in India’s high-conversion refineries. A large and stable buyer in Asia gives Venezuela’s National Oil Company PDVSA a broader commercial base for the production growth that Minister of Hydrocarbons Paula Henao is expected to address at VEW 2027.

Acting President Delcy Rodriguez embarked on a working visit to India on June 3–7, traveling with a Venezuelan dlegation of foreign, finance, science and transportation ministers. In talks with Prime Minister Narendra Modi, she described India as a preferred energy partner and a stable source of demand for years to come, and 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, and she invited an Indian delegation to visit the country. VEW 2027 will bring the ministry, PDVSA and international operators together under one program for that engagement to continue.

(Source: EIN Presswire)