US President Donald Trump yesterday said India will buy Venezuelan oil, helping to replace some of the Russian oil that the world’s third-biggest oil importer buys.
“We’ve already made that deal, the concept of the deal,” Trump told reporters aboard Air Force One as he travelled to his vacation home in Florida from Washington.
Reuters reported on Friday that the US has told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil, citing three people familiar with the matter. India stopped buying oil from Caracas last year after Trump in March imposed a 25 per cent tariff on countries buying Venezuelan oil.
Trump said India would buy Venezuelan oil instead of Iranian crude. However, New Delhi stopped loading oil from Iran in 2019 due to US sanctions over Tehran’s nuclear programme.
Indian refiners turned to US oil to make up for the loss of Iranian supply, then curbed US purchases and became the top buyer of Russian seaborne oil sold at a discount after Western nations imposed sanctions on Moscow for its invasion of Ukraine in 2022.
Trump in August doubled duties on imports from India to 50pc to pressure New Delhi to stop buying Russian oil, and earlier this month said the rate could rise again if it did not curb its purchases. However, Treasury Secretary Scott Bessent signalled in January that the additional 25pc tariff on Indian goods could be removed, given what he called a sharp reduction in Indian imports of Russian oil.
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