BY COMFORT OGBONNA
U.S. President Donald Trump said on Saturday that India will begin buying oil from Venezuela, a move he said would help the world’s third-largest oil importer replace at least part of the Russian crude it currently purchases.
Speaking to reporters aboard Air Force One while traveling from Washington to his vacation home in Florida, Trump said an understanding had already been reached. “We’ve already made that deal, the concept of the deal,” he said, without providing details on volumes or timing.
The comments follow reports that U.S. officials have told New Delhi it could soon resume purchases of Venezuelan oil as part of efforts to reduce India’s reliance on Russian supplies. India had halted oil imports from Venezuela last year after the Trump administration imposed a 25% tariff in March on countries buying Venezuelan crude.
Trump suggested that Venezuelan oil could also serve as an alternative to Iranian crude for India. However, India stopped importing oil from Iran in 2019 due to U.S. sanctions linked to Tehran’s nuclear program. After losing Iranian supply, Indian refiners initially increased purchases of U.S. oil before later scaling those back and turning heavily to discounted Russian seaborne crude following Western sanctions on Moscow over its invasion of Ukraine in 2022.
The issue of Russian oil has been a persistent source of friction between Washington and New Delhi. In August, Trump doubled duties on imports from India to 50% in an effort to pressure the country to curb its purchases of Russian oil. Earlier this month, he warned that tariffs could rise again if India did not further reduce those imports. However, Treasury Secretary Scott Bessent said in January that the additional 25% tariff could be lifted, citing what he described as a sharp drop in India’s purchases of Russian crude.
The policy shift has been aided by recent U.S. moves toward Venezuela. This week, the U.S. government eased some sanctions on Venezuela’s oil industry, making it easier for American companies to trade and sell Venezuelan crude. The easing is widely seen as part of a broader strategy to reshape global oil flows while maintaining pressure on Russia.
Trump’s remarks on Saturday appeared to underscore improving ties between the United States and India after a year marked by trade and energy disputes. He also said China could strike its own agreement with Washington to buy Venezuelan oil.
“China is welcome to come in and would make a great deal on oil,” Trump said, offering no further details.
Together, the comments signal a possible realignment in global energy trade, as Washington looks to reduce Russian influence in oil markets while leveraging Venezuelan supply to strengthen relations with major energy consumers.
Original article
Comments