Trump Says India Will Buy Oil From Venezuela, Not Iran
Mumbai – U.S. President Donald Trump said on Saturday that India will buy oil from Venezuela and not from Iran, signalling a possible shift in global crude supply patterns and partnerships as energy markets evolve under geopolitical pressures.
“We’ve already made that deal, the concept of the deal,” Trump told reporters aboard Air Force One as he travelled to Florida, referring to a framework in which India would begin purchasing Venezuelan crude oil.
Trump’s comments came shortly after reports that the United States had indicated India could soon resume purchases of Venezuelan oil to help make up for a reduction in Russian crude imports which New Delhi has been adjusting under shifting trade and diplomatic conditions.
India halted purchases of Venezuelan oil after Washington imposed a 25 percent tariff last year on countries buying Venezuelan crude, and that tax had kept Caracas largely out of India’s import mix. Trump’s latest remarks, however, suggest a possible easing of past restrictions to facilitate renewed trade between India and Venezuela.
At the same time, India has not been a significant buyer of Iranian oil in recent years due to longstanding U.S. sanctions on Tehran’s energy sector, which were reimposed in 2019 and have limited India’s access to Iranian crude for much of the past decade.
Following the imposition of sanctions on Russia after its 2022 invasion of Ukraine, Indian refiners increased purchases of discounted Russian crude, making Moscow a major supplier in place of Middle Eastern and Venezuelan sources. Trump’s administration has been encouraging New Delhi to diversify away from Russian oil, and the push toward Venezuelan supplies is part of that broader strategy.
The demographic shift in trade has also seen refiners like Indian Oil Corporation, Hindustan Petroleum, and MRPL express interest in Venezuelan crude, which is heavier and more suitable for certain complex refining units, although India has not taken Venezuelan cargoes since mid-2025. Renewed access could support diversification of crude sources and yield different refining margins.
Trump further suggested that other countries, including China, are also welcome to strike similar deals to buy Venezuelan oil, though he did not elaborate on any specific agreements or timelines for such arrangements.
While Trump described the idea as a deal in concept, official statements from Indian authorities confirming purchase agreements have not yet been made public, and observers note that any trade shift would involve consultation with industry and regulatory review.
