WorldPosted at: Sep 27 2026 2:33PM


Jaishankar, Venezuela FM discuss energy ties as India looks to diversify crude sources

New York, Sep 27 (UNI) External Affairs Minister S. Jaishankar and his Venezuelan counterpart Félix Plasencia González discussed growing energy ties and other areas of bilateral cooperation as India seeks to diversify its crude oil sources amid disruptions affecting supplies and shipping through the Strait of Hormuz.
Jaishankar met Plasencia González at the UN headquarters in New York on Sunday on the sidelines of the 81st session of the United Nations General Assembly.
“A good meeting with FM Félix Plasencia González of Venezuela at UN HQ,” Jaishankar said in a post on X.
“Our energy ties are gaining momentum, besides other areas of bilateral cooperation. We also discussed current regional issues,” he added.
The meeting comes as India has been looking to broaden its sources of crude oil amid disruptions linked to the conflict involving Iran and restrictions on shipping through the Strait of Hormuz.India has existing energy interests in Venezuela, including investments by Indian public-sector companies in the country's oil sector, while Caracas has described New Delhi as an “important economic partner”.The growing focus on Venezuela also comes against the backdrop of renewed international investment in the country's oil industry.
US Secretary of State Marco Rubio recently said Washington saw a role for itself in helping India diversify its energy supplies and specifically identified Venezuela as a potential source of crude for Indian refineries.
“India’s been focused for a very long time on diversifying its sources of energy and US would love to be a part of that," Rubio said.
Recently, the US has struck a deal with Venezuela to control more than 65 billion barrels of its proven oil reserves
The US president wrote that the agreement would more than double American oil reserves and "substantially lower Gas Prices for all Americans".
In a late-night address on Saturday, Venezuela's interim President Delcy Rodríguez hailed the deal as one that would help her nation's economic revival.
Trump has recently been under domestic pressure to tame petrol prices, which have spiked due to the Iran war.
In a separate development, US oil producer Continental Resources signed a memorandum of understanding with Venezuela's state-owned PDVSA on September 16 to develop and operate the Ayacucho 2 Block in the Orinoco Oil Belt.
Venezuela has the world's largest proven crude oil reserves, with much of its resource base consisting of heavy and extra-heavy crude concentrated in the Orinoco Belt. Developing and transporting these resources requires substantial investment and specialised technology.
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