U.S. President Donald Trump said on Saturday that India is set to purchase oil from Venezuela rather than from Iran, underscoring a shift in global energy dynamics and Washington’s effort to influence oil trade flows.
Speaking to reporters aboard Air Force One while travelling from Washington, DC to Florida, Trump said the arrangement with New Delhi is already in place in principle. He added that China is likewise welcome to strike a deal to buy Venezuelan crude if it chooses.
Trump’s remarks came shortly after U.S. officials informed Indian authorities that New Delhi may soon be able to resume buying Venezuelan oil to help offset its declining imports of Russian crude, according to sources who spoke to Reuters. This follows India’s pledge to cut back on Russian oil purchases — a move driven in part by earlier U.S. pressure.
Under Trump’s administration last year, the United States imposed 25 per cent tariffs on countries importing Venezuelan crude, including India, as part of broader sanctions policy against Caracas. Washington has since eased some of those barriers, reflecting a strategic shift in how Venezuelan oil might be recycled into global markets.
The push for Venezuelan oil comes amid efforts by the United States to reduce funding to Moscow from oil revenues amid Russia’s ongoing war in Ukraine, and in the context of India diversifying its energy sources. Indian officials have said the country plans to substantially cut its Russian crude imports in coming months.
While Trump highlighted the evolving energy ties, he has also asserted strong influence over Venezuelan oil production and revenue following a dramatic U.S. raid in Caracas on January 3 that led to the capture of Venezuelan President Nicolás Maduro. A U.S. strategy to control the nation’s oil output indefinitely has been central to recent policy shifts.
India has not publicly confirmed the specific oil purchase arrangements described by Trump, and New Delhi typically does not import significant volumes of crude from Iran due to longstanding U.S. sanctions.