Trump declares that India will purchase oil from Venezuela and not Iran

On Saturday, U.S. president Donald Trump said that India would purchase?Venezuelan Oil instead of purchasing oil from Iran.

Trump told reporters on Air Force One that he had already "made the deal" and the "concept of the deal", as he travelled to his Florida vacation home from Washington.

Three people with knowledge of the issue said that on Friday, the United States told Delhi they could resume purchasing Venezuelan oil soon to replace Russian?oil imports.

India is not importing large amounts of Iranian oil because of U.S. sanctions. However, it has become a major buyer for Russian oil since 2022 when the Russian invasion of Ukraine triggered Western sanctions which drove its price down.

Trump doubled the?duty on imports of Indian oil to 50% in August to pressurize New Delhi to stop buying Russian 'oil. And earlier this month, he said that the rate might rise again if New Delhi did not reduce its purchases.

Treasury Secretary Scott Bessent, however, signaled to the Indian government in January that he could remove the 25% additional tariff, citing a drastic reduction in Indian oil imports.

Trump also imposed in March 2025 a 25% tariff for countries that buy Venezuelan oil. This included India. This week, the U.S. government lifted sanctions against Venezuela's oil sector to ease the way for?U.S. The U.S. government lifted sanctions on Venezuela's oil industry this week to make it easier for?U.S.

Trump's remarks on Saturday seemed to reflect a continued improvement in U.S. - India?relations which had been tense for the past year.

Trump said that China and the U.S. could strike a deal to purchase Venezuelan oil.

Trump stated that China is welcome to "come in" and make a good deal on oil. He did not provide any further details. Trevor Hunnicutt, reporting aboard Air Force One; Robin Respaut, in San Francisco; Andrea Shalal, in Washington. Editing by William Mallard and Sergio Non. Christopher Cushing.

(source: Reuters)