Donald Trump has said India will buy oil from Venezuela instead of Iran. He made the comment while speaking to reporters on Air Force One as he was travelling from Washington to Florida on Saturday.
Trump said the deal with Venezuela was already agreed in concept, meaning the outline of the oil purchase arrangement is in place. He added that China could also make a deal with the US to buy Venezuelan oil, but gave no details.
The comments come after the United States told Delhi it could soon resume buying Venezuelan oil. Washington hopes this will help India replace some of its Russian oil imports, which had grown after the war in Ukraine.
India has not been importing large amounts of Iranian oil because of US sanctions, but had been a major buyer of Russian crude at discounted prices after the Ukraine conflict began in 2022.
Trump previously imposed high tariffs on Indian imports to pressure India to cut Russian oil purchases. Recently, US officials signalled that some of those tariffs might be removed as India reduced its Russian oil imports.
The US also lifted some sanctions on Venezuela’s oil industry to make it easier for companies to sell Venezuelan crude. This shift is part of broader efforts by Washington to reshape global trade and energy ties.