Overview
- Speaking aboard Air Force One, President Donald Trump said India will purchase Venezuelan oil instead of Iranian crude, describing it as a deal agreed “in concept” and inviting China to pursue a similar arrangement.
- A day earlier, Reuters reported that U.S. officials told New Delhi it could soon resume buying Venezuelan crude to help replace some Russian imports, while India’s foreign ministry has not issued any confirmation.
- The U.S. Treasury has issued a general license expanding the ability of American companies to export, sell and refine Venezuelan-origin oil, part of Washington’s broader bid to redirect Caracas’s barrels.
- India currently imports little oil from Iran under longstanding U.S. sanctions and became a major buyer of discounted Russian crude, with Indian refiners now signaling diversification under U.S. pressure.
- Trump last year levied a 25% tariff on countries purchasing Venezuelan oil and doubled duties on Indian goods to 50% tied to Russian oil purchases, though officials have hinted some tariff relief could follow reduced Russian flows.