Several countries worldwide have condemned the recent US military strike on Venezuela. Despite this, experts note that India’s economic ties with Venezuela are limited, with no significant reliance on Venezuelan oil. Bilateral trade between the two nations stood at $1.175 billion in 2023-24, primarily involving exports of mineral fuels, pharmaceuticals, machinery, and apparel from India to Venezuela.
India’s imports from Venezuela include mineral fuels, iron, steel, and various other commodities. Notably, India is not heavily dependent on Venezuela for crude oil imports. ONGC Videsh Limited (OVL) and Corporacion Venezolana del Petroleo (CVP) have a joint venture named “PetroleraIndovenezolana SA” for oil production in the San Cristobal field, with OVL holding a 40% stake. The OVL investment in this project amounts to around US $200 million.
Furthermore, an international consortium involving ONGC Videsh Limited (OVL), Indian Oil Corporation (IOC), and others won a bid in 2008 for a significant oil project in Carabobo, Venezuela. Meanwhile, Venezuela’s Vice President reported that the whereabouts of President Nicolas Maduro and his wife are unknown following the US attacks in multiple regions. US President Donald Trump had earlier claimed that Maduro and his wife were “captured” and flown out of the country.
