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US President Donald Trump announced that India plans to purchase Venezuelan crude oil, shifting away from Iranian oil imports.
“That deal has already been made, that’s the concept of the deal,” Trump told reporters on Air Force One during his flight to his Florida vacation residence from Washington.
Reuters reported last Friday that the US has indicated to India that it might soon resume buying oil from Venezuela to help offset reductions in Russian oil imports, citing three sources familiar with the matter.
While India has limited Iranian oil imports due to US sanctions, it became a significant importer of Russian oil following Russia’s invasion of Ukraine in 2022, which prompted Western sanctions that lowered Russian crude prices.
In August, Trump increased tariffs on Indian imports to 50% as leverage to encourage New Delhi to halt Russian oil purchases, warning that the rate could rise again if buying continued. However, Treasury Secretary Scott Bessent indicated this January that the additional 25% tariff on Indian goods might be lifted because Indian imports of Russian oil had decreased sharply.
Back in March 2025, Trump also imposed a 25% tariff on countries purchasing Venezuelan oil, including India. Recently, the US eased some sanctions on Venezuela’s oil sector to facilitate American companies in selling Venezuelan crude.
Trump’s remarks on Saturday suggest that US-India relations, which have been strained over the past year, are improving.
He also mentioned that China is welcome to negotiate a deal with the US to purchase Venezuelan oil, though he provided no further details.
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