US President Donald Trump stated that India will begin shopping for oil from Venezuela as a substitute of getting it from Iran. He advised reporters on Air Power One {that a} deal is already deliberate for this change.
Reuters reported that the US has lately advised India it might quickly resume shopping for Venezuelan oil to assist change some Russian oil imports. India has not been shopping for a lot oil from Iran due to US sanctions, and it grew to become a giant purchaser of cheaper Russian oil after the battle in Ukraine.
Final yr, Trump doubled tariffs on Indian imports to 50% to strain India to cut back its Russian oil purchases. This month he stated the speed might enhance additional if India didn’t reduce on Russian oil. However US Treasury Secretary Scott Bessent steered in January that the additional 25% tariff on Indian items could be lifted as a result of India has enormously lowered its Russian oil imports.
Trump additionally stated the tariff on nations shopping for Venezuelan oil, together with India, might be eliminated because the US lately eased some sanctions on Venezuela’s oil business to make it simpler for US corporations to promote Venezuelan crude.
Trump’s feedback present a attainable enchancment in tense US-India relations over the previous yr. He additionally talked about that China may make a take care of the US to purchase Venezuelan oil, however he didn’t give any particulars.
