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Market Chatter: India Eyes Stronger Oil Ties With Venezuela Amid Supply Diversification Push

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India is exploring deeper energy ties with Venezuela, including crude imports and potential investments in the country's oil sector, Bloomberg reported Friday, citing comments from Rudrendra Tandon, secretary east in India's Ministry of External Affairs, following talks between Prime Minister Narendra Modi and Venezuelan Acting President Delcy Rodríguez.

The discussions come as India seeks to diversify crude supplies after disruptions to shipments through the Strait of Hormuz. Venezuela has emerged as a growing source of oil for India after sanctions relief earlier this year, according to the report.

"In our spot purchases, Venezuela has already emerged as the third-largest supplier this month," Bloomberg quoted Tandon as saying.

Both sides also discussed potential cooperation in pharmaceuticals, mining and critical minerals, Tandon reportedly told reporters. Any investment proposals would be pursued separately through commercial negotiations, he added.

Oil Minister Hardeep Singh Puri said technical teams from Indian energy companies will visit Venezuela to explore opportunities for expanding cooperation in the sector, Bloomberg noted.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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