India sees the vast reserves as ‘opportunity’

India gave a red-carpet welcome to Venezuela’s interim President Delcy Rodriguez yesterday, as Prime Minister Narendra Modi held talks to bolster trade between the oil exporter and his energy-hungry nation.

New Delhi’s foreign ministry said that after talks between the leaders, India saw Venezuela’s vast oil reserves as an “opportunity”, saying it had already become a major source of crude.

Rodriguez has led Venezuela, which accounts for around 17 percent of global crude reserves, since January, when US forces captured former socialist president Nicolas Maduro.

She shook hands with Modi outside New Delhi’s sprawling Hyderabad House before the talks began. Indian Foreign Minister Subrahmanyam Jaishankar said talks with Modi would “further strengthen our cooperation”.

Rodriguez, speaking after she landed on Wednesday, said she expected “very fruitful” discussions.

Rodriguez’s visit comes as India -- the world’s third-largest oil importer -- ramps up purchases of Venezuelan crude to offset supply disruptions linked to war in the Middle East.