- India will buy oil from Venezuela instead of Iran, says US President Trump
- The deal aims to shift India's crude imports amid US efforts to curb Russia oil revenue
- Trump confirmed the understanding during a flight from Washington to Florida
US President Donald Trump on Saturday said India will buy oil from Venezuela instead of sourcing crude from Iran, signalling a potential shift in India's import mix amid Washington's efforts to curb oil revenues flowing to Russia.
Speaking to reporters aboard Air Force One while travelling from Washington, DC to Florida, Trump said the understanding was already in place. “We've already made that deal, the concept of the deal,” he said, adding that India would purchase Venezuelan oil “as opposed to buying it from Iran”.
Trump's remarks came a day after the United States indicated to New Delhi that it could soon resume purchases of Venezuelan crude to help replace imports of Russian oil, according to three people familiar with the matter cited by Reuters. The move is part of a broader U.S. strategy to limit funding for Russia's war in Ukraine by redirecting oil trade flows.
The US president also said China was welcome to strike a similar deal, noting that Beijing could “come in and make a great deal on oil”.
Trump had imposed 25% tariffs in March last year on countries buying Venezuelan oil, including India, underlining Washington's leverage over global crude trade. The latest comments suggest a possible recalibration of that stance, subject to final decisions and official confirmation.
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