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    COVER STORY                                                              JUNE 12, 2026     |  The Indian Eye                    4

                                                     ENERGY SECURITY

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              As conflict in West Asia and uncertainty over Russian oil supplies grow, India is accelerating

                                efforts to diversify its energy sources from countries like Venezuela

            OUR BUREAU
            New Delhi

               ndia’s  energy  diplomacy  is  en-
               tering a new phase. Faced with a
            Iprolonged conflict involving Iran,
            growing instability in the Gulf region,
            and  signals  from  Washington  that  it
            may once again tighten restrictions on
            Russian oil exports, New Delhi is mov-
            ing aggressively to diversify its sources
            of crude oil and secure long-term en-
            ergy supplies.
                Recent   discussions   between
            Prime  Minister  Narendra  Modi  and
            Venezuelan  Acting  President  Delcy
            Rodriguez underline the urgency with
            which India is approaching the issue.
            What was once a largely commercial
            relationship  is  now  evolving  into  a
            strategic  energy  partnership,  reflect-
            ing broader concerns about supply dis-
            ruptions, geopolitical uncertainty and
            the country’s growing energy needs.
                India   remains   the   world’s
            third-largest  oil  consumer  and  im-
            ports  more  than  85  per  cent  of  its
            crude requirements. As the economy   Prime Minister Narendra Modi shakes hand with Acting President of Bolivarian Republic of Venezuela Delcy Rodríguez, at Hyderabad House, in
            continues  to  expand  and  industrial                       New Delhi on Thursday (Narendra Modi Photo Gallery/ANI Photo)
            activity grows, energy demand is ex-
            pected to rise steadily over the com-
            ing  decades.  Ensuring  reliable  and   petroleum gas imports passes through   pushed New Delhi to search for alter-  “Venezuela has already emerged
            affordable supplies has therefore be-  this  narrow  maritime  corridor.  Any   natives.              as  the  third  largest  supplier  this
            come a central pillar of India’s foreign   disruption  to  shipping  routes  could   Venezuela has emerged as one of   month,”  Tandon  noted,  adding  that
            and economic policy.              have serious consequences for energy   the most promising options. According   India  is  seen  as  a  stable  and  long-
                The immediate challenge comes   prices and supply chains.       to the Ministry of External Affairs, the   term customer.
            from the continuing conflict in West   Officials  from  the  Ministry  of   South  American  nation  has  already   The significance of the relation-
            Asia.  Although  Indian  authorities   Ports,  Shipping  and  Waterways  re-  become  India’s  third-largest  source   ship extends beyond simple oil pur-
            have  repeatedly  stressed  that  fuel   cently  confirmed  that  Indian  ships   of crude oil supplies in recent months.  chases. Both sides discussed oppor-
            supplies remain uninterrupted, policy-  and seafarers operating in the region   During Delcy Rodriguez’s visit to   tunities  for  Indian  participation  in
            makers are acutely aware of the risks   remain safe and that maritime opera-  India, energy cooperation dominated   Venezuela’s energy sector, including
            posed  by  instability  in  a  region  that   tions continue normally. Yet the very   discussions.  MEA  Secretary  (East)   upstream  exploration  and  down-
            supplies a significant portion of India’s   need  for  constant  monitoring  high-  Rudrendra Tandon described the re-  stream  refining  activities.  Such  in-
            energy imports.                   lights the strategic vulnerability cre-  lationship as a “perfect complemen-  vestments  could  provide  India  with
                The Strait of Hormuz remains   ated by India’s dependence on Gulf   tarity”  between  a  country  with  vast   greater  control  over  supply  chains
            a  particular  concern.  A  substantial   energy supplies.          energy reserves and a rapidly growing   while helping Venezuela attract for-
            share of India’s crude oil and liquefied   It is this uncertainty that has   economy seeking reliable supplies.  Continued on next page... >>

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