“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.

This outreach comes amid a broader effort by New Delhi to diversify its crude supply sources while Indian refiners reduce their reliance on discounted Russian oil as part of ongoing adjustments in global energy markets.

According to sources familiar with the matter, Washington has indicated that India can resume purchases of Venezuelan crude that had previously been restricted under U.S. tariff policy, which imposed a 25 percent levy on countries for buying Venezuelan oil in 2025.

The suggestion to lift or ease those restrictions is intended to give India additional options to balance its crude import mix as Russian oil volumes shrink in the coming months.

India’s imports of Russian crude, which stood at about 1.2 million barrels per day in January, are expected to fall to around 1 million bpd in February and approximately 800,000 bpd in March, with further reductions possible later in the year.

Some sources project that Russian imports could eventually decline to between 500,000 and 600,000 bpd as India continues diversifying its portfolio of crude suppliers.

This shift reflects broader changes in global crude flows that have been influenced by Western sanctions on Russia following its invasion of Ukraine in 2022, which drove down Russian oil prices and made that oil commercially attractive to buyers like India.

After becoming a major buyer of Russian crude following the conflict, India is now adjusting its purchasing patterns as geopolitical pressures and trade relationships evolve.

In response to the U.S. tariff regime, Indian refiners had already begun diversifying their purchases.

They increased imports from Middle Eastern, African, and other South American sources to help reduce dependence on Russian oil supplies.

The Venezuela offer comes at a time when Venezuela’s oil sector has been undergoing changes, including reforms aimed at attracting investment and expanding production following shifts in domestic policy.

However, it is not yet clear whether Venezuelan oil would be marketed through global trading firms or sold directly by state entities.

India’s own energy strategy emphasizes diversification to ensure long-term security of supply and to manage price volatility, especially as refining capacity and domestic demand evolve.

By securing flexible access to multiple crude sources, India aims to balance economic interests with its growing energy requirements.

At the same time, discussions between U.S. and Indian officials continue against the backdrop of broader trade and economic relationships, including efforts to reduce trade barriers and strengthen economic ties.

If policy changes are formalized, Venezuelan crude could become an increasingly important element of India’s energy import mix as Russian volumes decline.