1 hour ago
Last Updated:February 01, 2026, 08:55 IST
Donald Trump said India would buy Venezuelan oil instead of Iranian crude, calling the arrangement already agreed “in concept” and adding China could also join such a deal.
US President Donald Trump. (IMAGE: AFP)
US President Donald Trump on Saturday said that India will buy Venezuelan oil instead of Iranian crude, signalling a possible shift in global energy trade flows as Washington presses major importers to realign their sourcing.
“China is welcome to come in and would make a great deal on oil. You know, we welcome China. We’ve already made a deal, India is coming in, and they’re going to be buying Venezuelan oil, as opposed to buying it from Iran," Donald Trump said.
“So we’ve already made that deal, the concept of the deal," he told reporters while aboard Air Force One en route to Florida from Washington, DC.
Trump added that China would also be welcome to reach a similar arrangement with Washington to purchase Venezuelan crude, though he did not provide details on timing, volumes or the commercial structure of any such transactions.
His comments came a day after the United States told New Delhi it can soon resume purchases of Venezuelan oil to help replace declining imports of Russian crude.
Washington last year imposed tariffs on India over its purchases of Venezuelan oil, but has since shifted its stance as it seeks to curb Russian export revenues and reshape energy flows.
Trump imposed 25 per cent tariffs in March 2025 on countries buying Venezuelan oil, including India, as his administration stepped up pressure on Venezuelan President Nicolas Maduro.
Since then, Washington has begun directing the Caracas government and plans to control Venezuela’s oil industry indefinitely.
The White House and the US Treasury Department declined to comment on the talks, Reuters reported.
India emerged as a major buyer of Russian oil after Moscow’s 2022 invasion of Ukraine triggered Western sanctions that drove down prices. However, Indian Oil Minister Hardeep Singh Puri said last week that the country is diversifying its crude supply as Russian imports fall.
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First Published:
February 01, 2026, 08:52 IST
News world 'We've Already Made A Deal': Donald Trump Says India Will Buy Oil From Venezuela, Not Iran
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