US President Donald Trump on Saturday said India will buy Venezuelan oil, as opposed to purchasing oil from Iran.
Trump also said that China was also welcome to make a deal with the US to buy Venezuelan oil.
“China is welcome to come in and would make a great deal on oil. You know, we welcome China. We’ve already made a deal, India is coming in, and they’re going to be buying Venezuelan oil, as opposed to buying it from Iran," Trump told reporters while on Air Force One, en route to Florida from Washington, D.C.
“So we’ve already made that deal, the concept of the deal," he told reporters.
Trump's comment came a day after the United States told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil, three people familiar with the matter told Reuters.
The US effort to supply Venezuelan crude to India comes as Washington seeks to reduce the oil revenue that is funding Russia in its war in Ukraine.
Washington last year imposed tariffs on India over its purchases of Venezuelan oil, but has since shifted its stance as it seeks to curb Russian export revenues and reshape energy flows.
Earlier, India used to import a lot of oil from Iran. Between 2006–07 and 2018–19, Iran was one of India’s top suppliers. At its peak in 2007–08, Iran provided 13 per cent of India’s crude oil imports. In 2018–19, India imported $12.3 billion worth of Iranian oil, nearly 9 per cent of its total oil imports.
Trump imposed 25 per cent tariffs on countries buying Venezuelan oil, including India, in March last year.
Iran depends heavily on its oil exports. According to the US Energy Information Administration, Iran holds some of the world’s largest proven oil and natural gas reserves. In 2023, it ranked third globally in oil reserves and second in natural gas. That year, Iran was also the fourth-largest oil producer within OPEC, the Organisation of the Petroleum Exporting Countries.
