India Expands Economic Ties in Latin America with Oil and LNG Deals

India is strengthening its economic presence in Latin America, driven by its policy of "strategic autonomy." A significant oil agreement was finalized on February 12 between Brazil's Petrobras and India's Bharat Petroleum Corporation for the annual delivery of 6 million barrels of oil between 2025 and 2026. Petrobras aims to increase exports to India to 24 million barrels per year. Argentina's state-owned oil company YPF also signed a deal with three Indian firms in January to export up to ten million tons of liquefied natural gas (LNG) annually. The agreement includes cooperation in lithium, critical minerals, and hydrocarbon exploration and production. Trade between India and Latin America totaled $40 billion in 2023, with Brazil, Mexico, Argentina, Colombia, and Peru as top trade partners. India's engagement in the region has increased since Prime Minister Modi took office, marking a shift toward closer political, economic, and cultural ties.