WASHINGTON: US President Donald Trump said Saturday that India will buy oil from Venezuela instead of purchasing crude from Iran, signalling a shift in global energy trade amid changing geopolitical dynamics.
Speaking to reporters aboard Air Force One as he flew to Florida, Trump said the deal with India over Venezuelan oil has already been “made in concept,” suggesting New Delhi’s future purchases could help replace imports of Russian crude.
The comments come a day after the United States informed India it could soon resume purchases of Venezuelan oil, following the easing of some sanctions on Venezuela’s oil industry. The outreach is part of Washington’s effort to diversify India’s sources away from Russian and previously Iranian supplies.
India has largely not imported Iranian oil in recent years due to longstanding US sanctions, turning instead to Russian oil after Moscow’s 2022 invasion of Ukraine triggered Western penalties. Trump has previously imposed tariffs on Indian imports linked to Russian and Venezuelan oil purchases to exert pressure on New Delhi’s energy policy.
Trump also said China was welcome to strike a similar deal with the United States to buy Venezuelan oil, though he gave no further details.