External Affairs Minister S. Jaishankar said on 27 September 2026 that India and Venezuela are accelerating their energy partnership, following talks with Venezuelan Foreign Minister Félix Plasencia González at the United Nations headquarters in New York, on the sidelines of the 81st session of the UN General Assembly.

What Was Said After the Meeting

'A good meeting with FM Félix Plasencia González of Venezuela at UN HQ,' Jaishankar said in a post on social media. 'Our energy ties are gaining momentum, besides other areas of bilateral cooperation. We also discussed current regional issues,' he added. Neither side announced a supply contract, an investment figure, or a specific timetable following the bilateral. The regional issues discussed were not identified by either party.

Why India Is Looking at Venezuela

The talks come as India actively looks beyond its traditional West Asian energy suppliers. Months of disruption linked to the conflict involving Iran and shipping restrictions through the Strait of Hormuz have pushed New Delhi to accelerate supply diversification. Venezuela holds approximately 303 billion barrels of proven crude oil reserves — the largest in the world, according to the US Energy Information Administration — with much of the resource concentrated in heavy and extra-heavy crude in the Orinoco Belt.

India's refining infrastructure gives it a critical commercial edge in this partnership: Indian refineries are among the few globally with the technical capacity to process Venezuela's heavier grades of crude. This capability is at the heart of the bilateral energy fit that both sides have long acknowledged.

US Role in Facilitating the Partnership

The diplomatic backdrop has shifted notably in recent months. US Secretary of State Marco Rubio, in an interview in June, said Washington saw a role for itself in helping India broaden its energy options. 'We certainly would love to be a part of that. We think we have some solutions in that regard,' Rubio said. He specifically identified Venezuela as a potential crude source for Indian refineries, noting that Washington was 'working very closely to increase their production capacity.'

Rubio was explicit about the technical fit: 'India is one of the few countries in the world with the ability to refine the heavy crude that Venezuela produces. So I think that's something we would look to facilitate as well.' The remarks suggested that expanded India-Venezuela oil trade could advance with active US backing, as Washington simultaneously seeks investment to revive Venezuelan output.

Investment Activity and Broader Context

A separate development this month pointed to renewed momentum in Venezuela's energy sector. At the G20 Energy Abundance Ministerial in Houston, US producer Continental Resources signed a memorandum of understanding with Venezuela's state-owned PDVSA to develop and operate the 126,000-acre Ayacucho 2 Block in the Orinoco Belt. Continental estimates the block contains around 30 billion barrels of oil, according to a White House statement. No Indian participant was identified in that project.

India and Venezuela share a long-standing hydrocarbons relationship, with Indian public-sector companies having previously invested in Venezuelan oil projects. Bilateral trade contracted sharply after US sanctions restricted transactions involving PDVSA. Any substantial increase in supplies would depend on production capacity, shipping logistics, financing arrangements, and the applicable sanctions framework — none of which have been formally resolved.

What Comes Next

Jaishankar's meeting signals that India is treating Venezuela as a serious long-term energy option rather than a contingency. Caracas has described New Delhi as an important economic partner, and the two sides have also discussed investment, trade, and cooperation beyond hydrocarbons. Concrete agreements — supply contracts, investment commitments, or financing structures — are likely to be the next benchmark by which the momentum of this relationship will be judged.