Venezuela-Trump Impact: For 1% Import Will India Risk 25% US Tariff Levy?
US President Donald Trump on Monday stated that he would levy a 25% tariff on any country buying oil or gas from Venezuela. "Venezuela has been very hostile to the United States and the Freedoms which we espouse," he wrote in a post on Truth Social.
India's oil imports from the South American country increased in late 2023 and early 2024 and it became Venezuela's top crude buyer. As per Ministry of Commerce data, Venezuelan oil accounted for almost 1% of India's crude import bill from the April 2024 to December 2024 period.
How Much Venezuelan Oil Does India Buy?
As per Ministry of Commerce data, India bought $1 billion worth of Venezuelan oil between April 2024 and December 2024. This marks a 27% increase from the $800 million worth of oil bought in 2023-24. Venezuelan oil accounted for 0.93% of India's import bill.
In terms of quantity, out of the 1.4 billion barrels of oil imported by India in the April-December 2024 period, Venezuela accounted for 1.05% of India's imports. India imported 15.5 million barrels of oil from the country, as per latest data from Ministry of Commerce.
Impact On Indian Oil Companies
Reliance Industries Ltd. is currently the only Indian company importing Venezuelan oil, according to multiple analysts in the know. The company had secured official clearance from US authorities to import oil from the country in July 2024.
However, this clearance was well before the Trump administration took office.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
