Trump said India will buy Venezuelan oil rather than Iranian crude.
The U.S. is encouraging Venezuelan supplies to reduce Russia’s war revenues.
Washington had earlier imposed 25% tariffs on buyers of Venezuelan oil, including India.
Trump Says India Will Buy Venezuelan Oil Instead Of Iranian Crude
Donald Trump says India will buy Venezuelan oil instead of Iranian crude as the U.S. pushes alternatives to Russian energy imports.
Summary
U.S. President Donald Trump said on Saturday that India will purchase oil from Venezuela rather than from Iran, signalling a shift in Washington’s pressure campaign on New Delhi’s energy imports. Reuters reported that Trump made the remarks while travelling aboard Air Force One from Washington to Florida.
“We’ve already made that deal, the concept of the deal,” Trump told reporters, repeating his assertion of an agreement with India. Reuters noted the comment came a day after the United States indicated to Delhi that it could soon resume buying Venezuelan crude to help offset shrinking purchases of Russian oil.
The U.S. effort to promote Venezuelan supplies to India forms part of a broader strategy to reduce revenue to Moscow that is being used to fund Russia’s war in Ukraine. Reuters reported that three people familiar with the matter said Washington has been urging New Delhi to consider Venezuelan crude as Russian imports decline.
Trump imposed 25 per cent tariffs on countries buying Venezuelan oil, including India, in March last year, part of a tough trade stance that has complicated energy ties with several Asian buyers.
In his remarks on Saturday, Trump also said China was welcome to conclude a similar deal with the United States to purchase Venezuelan oil.
(With inputs from Reuters)
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