Venezuelan acting President Delcy Rodrigues will visit India for the first time since taking office as the President of Venezuela. She has had a long-standing diplomatic relationship with New Delhi and has travelled to the country multiple times in her previous governmental roles. This is her sixth visit to India. Delcy Rodriguez's visit to India will last 5 days from June 3 to June 7, and will hold talks with Indian Prime Minister Narendra Modi, Indian Foreign Ministry spokesperson Randhir Jaiswal said in a press briefing on Tuesday.<h2>Venezuelan oil to fulfil Indian energy needs</h2>The visit comes at a time when India, the third largest importer of crude oil, has faced a supply crunch due to the US-Israeli war on Iran. Venezuela has emerged as India's fifth-largest source of crude oil imports in May, supplying over 266,000 barrels a day or roughly 5.3 per cent of total crude imports, according to maritime analytics firm Kpler. While the June arrival is expected to rise over 300,000 barrels a day. India's Reliance Industries has emerged as one of the three largest buyers of Venezuelan ​crude, along with Chevron and Vitol. Indian buyers previously stopped purchasing Venezuelan crude following US sanctions. Now India again resumed purchases in February after more than 10 months, specifically through US-based Chevron and Vitol."As part of the programme, the Venezuelan delegation will visit several sites connected with energy, pharmaceuticals and auto sectors to gain insights into India’s technological and industrial capabilities and to explore opportunities for collaboration," said MEA in a press briefing.Also Read: <a href="https://www.wionews.com/photos/who-is-steve-hilton-5-unique-things-california-governor-candidate-1780468240756">Who is Steve Hilton? 5 things to know about the California governor candidate</a><h2>India had usually been reliant on Gulf oil&nbsp;</h2>Historicall Indian had been reliant on Gulf oil, with imports from Iraq, Saudi Arabia, the UAE and Kuwait. In 2022, with the outbreak of the Russian war in Ukraine and Western sanctions on Moscow, India started to aggressively purchase Russian Urals. Russia shattered the Gulf monopoly by supplying discounted crude and rose to the top of the Indian supplier, capturing over 35-40 per cent of the Indian market. However, as the war in West Asia started, and the effective closure of Hormuz for nearly 80-days, India's residual reliance on Gulf Oil became problematic. Further, India's dependence on irregular waivers from the US to purchase Russian crude hurt the policy of economic nationalism and price pragmatism. Though India maintained a strategic autonomy, India's pivot towards Venezuela is, on one hand, reclaiming the old market, and on the other hand, maintaining a symbolic relationship and assisting Washington to stabilise crude oil prices. However, purchasing Venezuelan crude poses a logistical challenge as it takes more than 20-25 days for shipments to arrive via the Atlantic basin, compared to the 5-7 days of oil transport through the Persian Gulf, along with additional shipping and insurance costs.&nbsp;

Venezuelan President Delcy Rodriguez begins a five-day India visit focused on energy, trade and investment as New Delhi ramps up crude oil imports from Venezuela amid Middle East supply disruptions.

Venezuelan acting President Delcy Rodrigues will visit India for the first time since taking office as the President of Venezuela. She has had a long-standing diplomatic relationship with New Delhi and has travelled to the country multiple times in her previous governmental roles. This is her sixth visit to India. Delcy Rodriguez's visit to India will last 5 days from June 3 to June 7, and will hold talks with Indian Prime Minister Narendra Modi, Indian Foreign Ministry spokesperson Randhir Jaiswal said in a press briefing on Tuesday. Venezuelan oil to fulfil Indian energy needs The visit comes at a time when India, the third largest importer of crude oil, has faced a supply crunch due to the US-Israeli war on Iran. Venezuela has emerged as India's fifth-largest source of crude oil imports in May, supplying over 266,000 barrels a day or roughly 5.3 per cent of total crude imports, according to maritime analytics firm Kpler. While the June arrival is expected to rise over 300,000 barrels a day. India's Reliance Industries has emerged as one of the three largest buyers of Venezuelan crude, along with Chevron and Vitol. Indian buyers previously stopped purchasing Venezuelan crude following US sanctions. Now India again resumed purchases in February after more than 10 months, specifically through US-based Chevron and Vitol. "As part of the programme, the Venezuelan delegation will visit several sites connected with energy, pharmaceuticals and auto sectors to gain insights into India’s technological and industrial capabilities and to explore opportunities for collaboration," said MEA in a press briefing. Also Read: Who is Steve Hilton? 5 things to know about the California governor candidate India had usually been reliant on Gulf oil Historicall Indian had been reliant on Gulf oil, with imports from Iraq, Saudi Arabia, the UAE and Kuwait. In 2022, with the outbreak of the Russian war in Ukraine and Western sanctions on Moscow, India started to aggressively purchase Russian Urals. Russia shattered the Gulf monopoly by supplying discounted crude and rose to the top of the Indian supplier, capturing over 35-40 per cent of the Indian market. However, as the war in West Asia started, and the effective closure of Hormuz for nearly 80-days, India's residual reliance on Gulf Oil became problematic. Further, India's dependence on irregular waivers from the US to purchase Russian crude hurt the policy of economic nationalism and price pragmatism. Though India maintained a strategic autonomy, India's pivot towards Venezuela is, on one hand, reclaiming the old market, and on the other hand, maintaining a symbolic relationship and assisting Washington to stabilise crude oil prices. However, purchasing Venezuelan crude poses a logistical challenge as it takes more than 20-25 days for shipments to arrive via the Atlantic basin, compared to the 5-7 days of oil transport through the Persian Gulf, along with additional shipping and insurance costs.

Venezuelan President Delcy Rodriguez begins a five-day India visit focused on energy, trade and investment as New Delhi ramps up crude oil imports from Venezuela amid Middle East supply disruptions.

Indian strategic pivot to Venezuelan oil, as Delcy Rodriguez visits New Delhi

Oil prices stabilised on Wednesday as markets remained relatively tight amid <a href="https://www.wionews.com/business-economy/wall-street-stocks-tumble-over-us-china-trade-war-fears-dow-nasdaq-bleed-216870">US sanctions on crude </a>exporters Iran and Venezuela.

US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 per cent, above their last settlement.

Brent <a href="https://www.wionews.com/business-economy/international-oil-prices-dip-over-china-us-trade-dispute-iran-sanctions-216564">crude oil futures </a>were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close.

With US&nbsp;sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight.

"The tight and price-supportive fundamental outlook has not gone away," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank.

The United States re-imposed sanctions on Iran in November last year, demanding all countries stop importing oil from the country.

Iran has said it will defy the sanctions and continue to export oil.

Most analysts expect its crude export to fall to little more than 500,000 barrels per day, down from around 1 million bpd in April, as governments largely bow to American pressure.

Washington has also slapped sanctions on Venezuelan oil exports, further disrupting crude supply.

Wednesday's firmer prices partly reversed bigger price falls earlier in the week, which were triggered by announcements from Washington that the United States would this Friday further hike import tariffs on Chinese goods.

"Intensifying trade tensions are raising question on ... oil demand prospects," ANZ bank said on Wednesday.

Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US West Texas Intermediate (WTI) crude futures were at $61.

Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 per cent, above their last settlement. Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close. With US sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight. "The tight and price-supportive fundamental outlook has not gone away," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank. The United States re-imposed sanctions on Iran in November last year, demanding all countries stop importing oil from the country. Iran has said it will defy the sanctions and continue to export oil. Most analysts expect its crude export to fall to little more than 500,000 barrels per day, down from around 1 million bpd in April, as governments largely bow to American pressure. Washington has also slapped sanctions on Venezuelan oil exports, further disrupting crude supply. Wednesday's firmer prices partly reversed bigger price falls earlier in the week, which were triggered by announcements from Washington that the United States would this Friday further hike import tariffs on Chinese goods. "Intensifying trade tensions are raising question on ... oil demand prospects," ANZ bank said on Wednesday.

International oil prices remain tight amid US sanctions on Iran, Venezuela

Venezuela suspends oil exports to India

India's biggest private oil refiner Reliance Industries has capped crude imports from sanction-hit Venezuela, the company said Thursday, following pressure from the United States.

The energy-to-telecoms conglomerate has also stopped exporting diluents to the crisis-hit South American country, it told AFP.

The announcements come after US Secretary of State Mike <a href="https://www.wionews.com/business-economy/us-urges-india-to-stop-buying-oil-from-venezuelas-nicolas-maduro-government-top-envoy-202463">Pompeo asked India to halt all crude imports from Nicolas Maduro's regime</a>, which the United States does not recognise.

"Our US subsidiary has completely stopped all business with Venezuela's state-owned oil company, PdVSA, and its global parent has not increased crude purchases," Reliance said in an emailed statement.

"Reliance has halted all supply of diluent to PdVSA and will not resume such sales until sanctions are lifted," added the company, which is owned by India's richest man Mukesh Ambani.

Venezuela — a once-rich oil-producing nation — is in the grip of an economic and political crisis and analysts said ending diluent exports would hamper Venezuela's output.

"Venezuelan oil is thick and needs these raw materials for processing crude," Petrovitch editor Madhu Nainan told AFP.

Venezuela is reeling from an unprecedented, week-long nationwide blackout and inflation is projected to reach 10 million percent this year, according to the IMF.

The country's infrastructure has degraded over years because of a lack of investment, a significant brain drain, and the government's practice of putting the military in charge of key civilian facilities and companies.

The situation has worsened with successive rounds of US sanctions against Maduro's government, including steps that have severely curbed its oil exports.

India became the top importer of crude from Venezuela in February after US President Donald Trump issued a de facto ban on imports.

The US and European Union recognise opposition leader Juan Guaido as Venezuela's interim president.

On Tuesday, Pompeo asked India to stop buying crude from Venezuela, so as not to provide an "economic lifeline" to Maduro's regime.

The following day, New Delhi warned oil companies that they faced "undisclosed consequences" if they continued to buy Venezuelan oil.

"We will continue a constructive dialogue with the US government to ensure Reliance remains in compliance," the conglomerate, which operates the world's biggest refining complex, added in its statement.

India's biggest private oil refiner Reliance Industries has capped crude imports from sanction-hit Venezuela, the company said Thursday, following pressure from the United States.

India's biggest private oil refiner Reliance Industries has capped crude imports from sanction-hit Venezuela, the company said Thursday, following pressure from the United States. The energy-to-telecoms conglomerate has also stopped exporting diluents to the crisis-hit South American country, it told AFP. The announcements come after US Secretary of State Mike Pompeo asked India to halt all crude imports from Nicolas Maduro's regime, which the United States does not recognise. "Our US subsidiary has completely stopped all business with Venezuela's state-owned oil company, PdVSA, and its global parent has not increased crude purchases," Reliance said in an emailed statement. "Reliance has halted all supply of diluent to PdVSA and will not resume such sales until sanctions are lifted," added the company, which is owned by India's richest man Mukesh Ambani. Venezuela — a once-rich oil-producing nation — is in the grip of an economic and political crisis and analysts said ending diluent exports would hamper Venezuela's output. "Venezuelan oil is thick and needs these raw materials for processing crude," Petrovitch editor Madhu Nainan told AFP. Venezuela is reeling from an unprecedented, week-long nationwide blackout and inflation is projected to reach 10 million percent this year, according to the IMF. The country's infrastructure has degraded over years because of a lack of investment, a significant brain drain, and the government's practice of putting the military in charge of key civilian facilities and companies. The situation has worsened with successive rounds of US sanctions against Maduro's government, including steps that have severely curbed its oil exports. India became the top importer of crude from Venezuela in February after US President Donald Trump issued a de facto ban on imports. The US and European Union recognise opposition leader Juan Guaido as Venezuela's interim president. On Tuesday, Pompeo asked India to stop buying crude from Venezuela, so as not to provide an "economic lifeline" to Maduro's regime. The following day, New Delhi warned oil companies that they faced "undisclosed consequences" if they continued to buy Venezuelan oil. "We will continue a constructive dialogue with the US government to ensure Reliance remains in compliance," the conglomerate, which operates the world's biggest refining complex, added in its statement.

After Pompeo urging, Reliance caps oil purchases from Venezuela

US seeks India's help against Maduro, asks India to stop buying Venezuelan oil

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Indian strategic pivot to Venezuelan oil, as Delcy Rodriguez visits New Delhi

International oil prices remain tight amid US sanctions on Iran, Venezuela

Venezuela suspends oil exports to India

After Pompeo urging, Reliance caps oil purchases from Venezuela

US seeks India's help against Maduro, asks India to stop buying Venezuelan oil