Venezuela’s acting president Delcy Rodriguez is visiting India and will meet Prime Minister Narendra Modi on Thursday for talks on trade, investment, healthcare and renewable energy.
But the relationship between the two countries continues to turn on one commodity: oil.
At the same time as the Iran war has constricted energy flows from the Gulf, India, the world’s third-largest importer of oil, has boosted purchases of Venezuelan crude dramatically in recent months, making the South American country an increasingly valuable supply.
India imports roughly 90 per cent of its oil. Venezuela’s acting president Delcy Rodríguez is in India and will meet Prime Minister Narendra Modi on Thursday for talks on trade, investment, healthcare and renewable energy. Roughly half its crude imports – around 2.5-2.7 million barrels a day – pass through the Strait of Hormuz, the narrow Gulf chokepoint now effectively closed by the conflict But their relationship is still one built around a single commodity.
At the same time as the Iran war has constricted energy flows from the Gulf, India, the world’s third-largest importer of oil, has boosted purchases of Venezuelan crude dramatically in recent months, making the South American country an increasingly valuable supply.
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