US President Donald Trump on Sunday said several countries including India are set to begin the purchase of Venezuelan oil. Venezuela controls the world’s largest oil reserves and has reformed laws to open the sector up to private investment, following the US capture of President Nicolas Maduro on January 3. Trump’s comments come after months of trade tensions between India and US over New Delhi’s oil purchase from Russia.“China is welcome to come in and make a great deal on oil… 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. So, we’ve already made the concept of the deal,” Trump said, speaking onboard the Air Force one.
For India, the development fits into a broader diversification drive. Indian refiners have been trimming Russian imports amid rising trade pressures from the US including the imposition of an additional 25% tariffs on Indian goods. On January 30, Prime Minister Narendra Modi spoke with acting President of Venezuela, Delcy Rodríguez, during which the two leaders discussed ways to strengthen bilateral ties.Sharing the details of the conversation, PM Modi wrote on X, “Spoke with Acting President of Venezuela, Ms. Delcy Rodríguez. 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.”Also read: PM Modi speaks to Venezuela’s acting president Delcy RodríguezThe remarks come as Venezuela overhauls its hydrocarbons sector, ending decades of tight state control and opening the industry to private and foreign players. Caracas has lowered taxes and royalties, allowed international arbitration in disputes, and given private firms greater freedom to explore, produce and market crude. The changes follow US moves to ease parts of its sanctions regime, creating a pathway for expanded trade under strict conditions.
