India sees an opportunity in Venezuelan oil amid Iran war
Indian Prime Minister Narendra Modi on Thursday received Delcy Rodriguez, leader of the Venezuelan regime, ahead of a meeting to boost trade between a major oil exporter and his energy-hungry nation.
Delcy Rodriguez received in India
Indian Prime Minister Narendra Modi on Thursday received Delcy Rodriguez, leader of the Venezuelan regime, ahead of a meeting to boost trade between a major oil exporter and his energy-hungry nation.
Following the meeting in New Delhi between the two leaders, the Indian Foreign Ministry stressed that the Asian giant sees Venezuela's vast oil reserves as an "opportunity" and noted that the South American country has already become one of its main sources of crude oil.
Indian Foreign Minister Subrahmanyam Jaishankar said that talks with Modi would "further strengthen our cooperation."
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Rodriguez's visit comes at a time when India, the world's third-largest oil importer, is increasing its purchases of Venezuelan crude oil to compensate for supply disruptions linked to the Middle East war.
"The government of India, because of the developments in the Middle East, is aggressively seeking out new sources of crude oil and energy to ensure India's energy security," senior Indian foreign ministry official Rudrendra Tandon told reporters after the meeting.
"So Venezuela is an opportunity, and it is very much part of our plan," he added.
Strait of Hormuz
However, Iran has restricted maritime traffic through the strait, through which about one-fifth of the world's oil and liquefied natural gas shipments normally transit, since the United States and Israel launched attacks on Feb. 28.
India, the world's fastest-growing major economy, has been severely affected by the global energy crisis triggered by the war with Iran.
Rising global crude oil prices are pushing up India's import bill, threatening to stoke inflation and widen its current account deficit to its highest level in 14 years, while putting pressure on a rupee that is already in a precarious situation.
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