Venezuela and India deepen energy ties

Published at: 14/03/2024 04:29 PM

The Minister of People's Power for Petroleum, Pedro Rafael Tellechea, held a meeting with the Indian ambassador to Venezuela, Ashok Babu, in order to deepen energy ties between the two nations.

Through the social network account of Petrleos de Venezuela SA (PDVSA), they reported that the meeting demonstrated the mutual interest in resuming and consolidating the connection in preparation for reactivating joint ventures with the company Oil and Natural Gas Corporation Limited, and improving the quality of the relationship between Venezuela and the second most important economy in Asia.

Prior to the unilateral coercive measures imposed by the United States (US) against PDVSA, India ranked as the third most important customer of Venezuelan crude oil. Although these illegal tools of pressure weakened the trade relationship, both countries aim to renew their commitment to production and investment.

Indian oil demand, according to data from the Organization of Petroleum Exporting Countries (OPEC), could more than double by 2045, when it reaches 11.7 million bpd, underlining the country's crucial role in the growth of global demand for crude oil.

In addition, Venezuela will still be a major reserve holder by 2045, and will provide security to the energy market, offering its supply capacities to large oil-consuming economies, such as India in the coming years.

Mazo News Team/VTV