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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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