Venezuela President India Visit: The President of Venezuela arrived on her visit to India on Wednesday. His visit is based on bilateral relations. In such a situation, talks on the energy sector are said to be possible. There will be a meeting with the External Affairs Minister of India Dr. S. Jaishankar at 9.45 am on Thursday, June 4. After this, he will meet PM Narendra Modi at Hyderabad House at 11.30 am. Will go to Rajghat, the tomb of Father of the Nation Mahatma Gandhi, at 1.45 pm. Where she will pay tribute to him.

The purpose of this visit is that Acting President Rodriguez will hold bilateral talks with PM Narendra Modi. These talks will discuss all aspects of India-Venezuela relations and also discuss opportunities for further cooperation in the areas of energy security, trade and investment, pharmaceuticals, healthcare, transportation and renewable energy.

Venezuela is an important partner of India in energy and investment sectors.
India has been an important partner of Venezuela in the fields of energy and investment. Indian PSUs have made significant investments in Venezuela in the energy sector and are eager to explore opportunities to further expand their presence.

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India and Venezuela enjoy close and friendly relations underpinned by cooperation in the energy sector, trade and a shared commitment to the Global South. This visit is expected to further strengthen bilateral relations and deepen cooperation between the two countries in various fields.

India is the second largest buyer of oil from Venezuela

India is the second largest buyer of Venezuelan oil. External Affairs Ministry spokesperson Randhir Jaiswal said that the interim President will be accompanied by several ministers including Foreign Affairs, Economy and Finance, Science and Technology, Communications and Information and Transport.

He said that India has emerged as the second largest importer of oil from Venezuela. India has purchased 427,000 barrels of oil daily till May 2026. India’s Reliance Industries has made its place among the three largest buyers of crude oil in Venezuela.

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Venezuela is now sending its crude oil to India on a large scale. After the new supply deal between Venezuela and America, oil exports from Venezuela have increased and now for the first time, shipments are being sent to India through Very Large Crude Carriers (VLCCs).

According to Reuters report, trading companies and buyers have booked Very Large Crude Carriers (VLCCs) for the first time to import Venezuelan oil. These tankers can carry up to 2 million (2 million) barrels of crude oil at a time. This capacity is almost twice that of Suezmax tankers and almost four times that of Aframax tankers. This will reduce transportation costs and speed up delivery. At least three VLCCs — Nissos Kea, Nissos Kythnos and Arzanah — chartered by Vitol and Trafigura have been given loading slots at PDVSA’s Jos terminal in March. All these ships will leave for India. Apart from this, another super tanker named Olympic Lion is also moving towards Venezuela.

opportunity for india

India was the third-largest buyer of Venezuelan oil in 2019 before US sanctions. After the restrictions the supply almost came to a standstill. Now, after the US has given some concessions under the licensing framework, the business is back on track. American company Chevron has sold Venezuela’s Boscan heavy crude to Reliance Industries for the first time after December 2023. This is the first such major sale after almost six years. Reliance has also purchased another cargo of 2 million barrels from Vitol and is also exploring the possibility of direct purchase from PDVSA. Trading companies have also sold Venezuelan heavy crude oil to Indian Oil Corporation (IOC), Bharat Petroleum (BPCL) and HPCL Mittal Energy. India is taking this step to reduce dependence on Russian oil and diversify its sources.

What will be the price of oil?

Indian refiners are showing interest in Venezuela’s Merey heavy crude available at discounted rates. Although profit margins have come down slightly due to backwardation in the global market, larger cargo can reduce freight costs, which can improve the economics. Earlier this year, most of Venezuela’s oil was being shipped via medium-sized tankers to storage centers in the US or Caribbean. This shift towards the use of VLCC is being considered a significant logistics upgrade.

Venezuela’s oil exports increased

After the relief in sanctions, Venezuela’s oil exports increased to about 8 lakh barrels per day in January, which was about 5 lakh barrels per day in December. However, due to the sharp increase, millions of barrels of oil are lying in storage – which India’s refiners could play a key role in absorbing. Overall, this new phase of oil supply from Venezuela to India through super tankers is emerging as an important part of the changing equations in global energy trade and India’s energy security strategy.

This country is once again in the global discussion after the US arrested Venezuelan President Nicolas Maduro as part of a military operation. Amidst the attacks and political turmoil, people are also paying attention to Venezuela’s economy and its currency. This question is in the minds of many people that despite being a country with the world’s largest crude oil reserves, why is Venezuela’s currency so weak? Meanwhile, if we compare the currency of India and Venezuela, a lot of difference is seen.

India and Venezuela have long had good diplomatic and economic relations. Both countries respect each other’s sovereignty. Venezuela has been an important partner for India in the energy sector. In the year 2024, India had imported about 22 million barrels of crude oil from Venezuela. It is clear from this that Venezuela plays an important role in India’s energy security. In such a situation, when Venezuela’s politics and economy are in crisis, it also impacts the global market and countries like India.

Why did Venezuela’s currency weaken?

The name of the currency of Venezuela is Bolivar, which is called VES internationally. In the last decade, it has been among the fastest falling currencies of the world. Hyperinflation, economic mismanagement and political instability in the country have almost destroyed the strength of the Bolivar. In the year 2017, Venezuela officially accepted the state of default i.e. bankruptcy. After this the confidence of foreign investors was completely broken. Economic sanctions imposed by America and Western countries also worsened the situation. The decline in oil production and the weak condition of the government oil company did not give the economy a chance to recover.

impact on common people

The biggest impact of Bolivar’s weakness has been on ordinary citizens. People have to spend large amounts of cash even for everyday needs. Sometimes prices in shops change several times a day. For this reason, people have started trusting foreign currencies like dollar more.

How much will 10,000 Indian rupees be worth in Venezuela?

If we talk about currency value, then according to the report of Vice.com, 1 Indian Rupee is equal to approximately 3.38 Venezuelan Bolivar. According to this, 10,000 Indian rupees is equal to about 33,850 bolivar in Venezuela. However, this rate does not remain constant. Currency exchange rates in Venezuela often vary depending on market conditions and political circumstances. Still, this figure clearly shows that the Venezuelan currency is very weak compared to the Indian rupee.

Why is there economic crisis despite having oil?

This question often arises that when Venezuela has the world’s largest oil reserves, then why is it so economically weak. The answer is heavy and thick crude oil, which is expensive to extract and process. Also, old technology, lack of investment and international sanctions have limited the earnings from oil.

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