US President Donald Trump said that India will start buying oil from Venezuela instead of getting it from Iran. He told reporters on Air Force One that a deal is already planned for this switch.
Reuters reported that the United States has recently told India it could soon resume buying Venezuelan oil to help replace some Russian oil imports. India has not been buying much oil from Iran because of US sanctions, and it became a big buyer of cheaper Russian oil after the war in Ukraine.
Last year, Trump doubled tariffs on Indian imports to 50% to pressure India to reduce its Russian oil purchases. This month he said the rate could increase further if India did not cut back on Russian oil. But US Treasury Secretary Scott Bessent suggested in January that the extra 25% tariff on Indian goods might be lifted because India has greatly reduced its Russian oil imports.
Trump also said the tariff on countries buying Venezuelan oil, including India, could be removed as the US recently eased some sanctions on Venezuela’s oil industry to make it easier for US companies to sell Venezuelan crude.
Trump’s comments show a possible improvement in tense US-India relations over the past year. He also mentioned that China might make a deal with the US to buy Venezuelan oil, but he did not give any details.
