United States President Donald Trump stated on Sunday that India is poised to import Venezuelan oil, shifting away from Iranian crude. He told reporters aboard Air Force One, “We have already made a deal. India is coming in, and they are going to be buying Venezuelan oil as opposed to buying it from Iran. So, we have already made the concept of the deal.”
Shifting Energy Landscape
This announcement follows signals from the US suggesting New Delhi could soon resume purchasing crude from Venezuela. India currently imports limited amounts of oil from Iran, a change from when Tehran was a major supplier before longstanding US sanctions were imposed.
US leaders are reportedly encouraging India to consider Venezuelan oil as an alternative to Russian imports. This move is part of a larger effort to reduce financial support for Moscow during its war in Ukraine.
President Trump also indicated that China could potentially negotiate with the US to purchase Venezuelan oil. He has asserted a direct role in Venezuela, allowing Vice President Delcy Rodriguez to act as interim leader contingent on meeting US demands, particularly regarding access to Venezuelan oil reserves.
Growing India-Venezuela Ties
Prime Minister Narendra Modi spoke with Delcy Rodriguez on Friday, discussing opportunities to strengthen bilateral ties in energy, trade, and investment. Both leaders expressed a commitment to expanding cooperation and elevating India-Venezuela relations. This conversation occurred after a US military operation on January 3 resulted in the capture of President Nicolas Maduro and his wife.
PM Modi stated via a post on X, “Spoke with Acting President of Venezuela, Ms Delcy Rodriguez. We agreed to further deepen and expand our bilateral partnership in all areas, with a shared vision of taking India-Venezuela relations to new heights in the years ahead.”
Trade between India and Venezuela significantly decreased after the US tightened sanctions in the late 2010s, leading Indian firms to reduce purchases to avoid potential penalties.
Frequently Asked Questions
What did President Trump say about India and Venezuelan oil?
President Trump stated that a deal has been made for India to purchase Venezuelan oil instead of Iranian oil, saying, “We have already made the concept of the deal.”
What was the outcome of the conversation between Prime Minister Modi and Delcy Rodriguez?
Prime Minister Modi and Delcy Rodriguez agreed to deepen and expand bilateral cooperation in energy, trade, and investment, aiming to elevate India-Venezuela relations.
Why is the US encouraging India to buy Venezuelan oil?
US leaders are encouraging India to consider Venezuelan oil as a replacement for Russian imports, as part of a broader effort to limit funds flowing to Moscow.
As these developments unfold, will India’s energy strategy shift significantly, and what impact will this have on its relationships with other oil-producing nations?
