Venezuela in turmoil: How strong are India’s bilateral, trade ties with crisis-hit South American nation

File: Jaishankar with former Venezuelan Executive Vice President Delcy Rodríguez

• India expresses concern over Venezuela crisis, urges peaceful dialogue
• India and Venezuela mark 65 years of diplomatic ties, focusing on energy trade
• Bilateral trade in 2023–24 reached $1.175 billion, led by mineral fuel imports

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As Venezuela slips deeper into political uncertainty following the detention and removal of President Nicolas Maduro in a dramatic US operation, attention has turned to how Caracas’ external relationships, including its long-standing partnership with India.

In a carefully-worded message, India on Sunday expressed deep concern over the developments in the South American country and reaffirmed support to the well-being and safety of the people of Venezuela.

"We call upon all concerned to address issues peacefully through dialogue, ensuring peace and stability of the region," the Ministry of External Affairs (MEA) said.

A relationship built on diplomacy — and oil

India and Venezuela have traditionally shared what New Delhi describes as “warm relations”, backed by decades of diplomatic engagement and a strong energy and trade component.

India and Venezuela marked 65 years of diplomatic relations in 2024, and have maintained resident embassies in Caracas and New Delhi for over four decades, reflecting the continuity of engagement despite Venezuela’s internal upheavals in recent years.

According to a note by the Embassy of India in Venezuela, the bilateral partnership saw a major momentum during the 2005 state visit of then Venezuelan President Hugo Chavez, when both sides signed agreements including the creation of a Joint Commission and cooperation in the hydrocarbon sector — a cornerstone of bilateral ties since then.

High-level engagement till 2025

Even as Venezuela faced international isolation and sanctions-linked constraints, political and ministerial-level exchanges remained active between the countries.

External Affairs Minister S Jaishankar met Venezuelan counterparts multiple times on the sidelines of UNGA and NAM summits. Venezuela’s former Executive Vice President Delcy Rodríguez, who is now the acting president, made repeated visits to India — including in October 2024, and again in February 2025 for India Energy Week, where energy and trade cooperation were on the agenda.

In February 2025, India and Venezuela signed an MoU on sharing population-scale digital solutions as part of digital transformation cooperation.

Trade ties

India was once among the largest purchasers of Venezuelan heavy crude. At its peak, it imported over 4,00,000 barrels per day.

However, the imports stopped in 2020 after sweeping US sanctions made purchases risky, forcing Indian refiners to exit the market.

Bilateral trade has remained volatile, largely tracking oil flows. In 2019–20, total trade stood at $6.397 billion, driven mainly by imports of Venezuelan crude.

In 2023–24, trade rose again to $1.175 billion, with imports of mineral fuels and oils remaining the largest component after Washington temporarily eased curbs on the South American country's oil sector. The Venezuelan oil was available in the market at a discounted price.

In fact, India was the top buyer of Venezuelan crude after a gap of three years during the months of December 2023 and January 2024.

Petroleum Minister Hardeep Singh Puri said that India is willing to buy Venezuelan oil if the economics are favourable.

According to the Indian embassy, India’s exports to Venezuela mainly include mineral fuels and oils, pharmaceutical products, cotton, machinery and mechanical appliances, electrical machinery and equipment, sound and television recording equipment, apparel and clothing accessories, and miscellaneous chemical products.

On the other hand, India’s imports from Venezuela have been dominated by mineral fuels and oils and also include iron and steel, aluminium, copper, lead and zinc and their articles, wood and wood products, machinery and electrical equipment, raw hides, skins and leather, edible vegetables, fruits and nuts, plastics, organic chemicals and articles of iron or steel.