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  "publishedAt": "2026-06-04T14:36:06.000Z",
  "site": "https://nukta.com",
  "textContent": "\n\n\n\nIndian Prime Minister Narendra Modi hosted Venezuela's interim President Delcy Rodriguez in New Delhi on Thursday for talks aimed at deepening energy ties between the two countries.\n\nIndia's foreign ministry declared Venezuela's vast oil reserves an \"opportunity,\" saying the South American nation had already become a major source of crude. The meeting comes as India accelerates purchases of Venezuela oil to offset supply disruptions caused by the war in the Middle East.\n\n#### Why is India expanding Venezuela oil imports?\n\nIndia, the world's third-largest oil importer, normally sources around half its crude through the Strait of Hormuz.\n\nIran restricted shipping through the strait after the United States and Israel launched attacks on February 28, disrupting supply and driving up global crude prices. Venezuela, which holds around 17 percent of global crude reserves, has emerged as a key alternative source for New Delhi.\n\n#### What did Modi and Rodriguez agree on?\n\nModi said discussions covered energy, critical minerals, technology, agriculture, health and people-to-people ties. \"As a valued partner in Latin America, our close cooperation with Venezuela holds immense importance for the Global South,\" he wrote on X. Rodriguez, who arrived on Wednesday, said she had expected \"very fruitful\" discussions.\n\nSenior Indian foreign ministry official Rudrendra Tandon said Venezuela had already emerged as India's third-largest crude supplier in spot purchases this month. \"The government is aggressively seeking out new sources of crude oil and energy to ensure India's energy security,\" he told reporters. \"So Venezuela is an opportunity, and it is very much part of our plan.\"\n\n#### Who is Delcy Rodriguez and how did she come to lead Venezuela?\n\nRodriguez has led Venezuela since January, when US forces captured former socialist president Nicolas Maduro.\n\nShe was received with a red-carpet welcome at New Delhi's Hyderabad House before the talks began. Modi later said he was \"happy\" to have met the Venezuelan leader.\n\n#### How is the Iran war affecting India's economy?\n\nElevated global crude prices are driving up India's import bill, threatening to stoke inflation and widen its current account deficit to a 14-year high. The energy shock is also placing pressure on an already weakened rupee. India, the world's fastest-growing major economy, is seeking to diversify its supply base as a direct response to the disruption.\n\nTandon said the complementarity between the two economies was clear. \"Venezuela possesses one of the largest oil reserves in the world,\" he said. \"The Indian economy is a large and growing consumer of oil and will have stable demand growth for many years to come.\"",
  "title": "India eyes Venezuela oil opportunity as Rodriguez meets Modi in New Delhi"
}