US President Donald Trump has said India will buy Venezuelan oil, as opposed to purchasing oil from Iran.
“We’ve already made that deal, the concept of the deal,” Trump told reporters aboard Air Force One as he travelled to his vacation home in Florida from Washington.
Reuters reported on Friday that the United States has told Delhi it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil, citing three people familiar with the matter.
India has not been importing significant amounts of Iranian oil due to US sanctions, but became a major buyer of Russian oil after Russia’s invasion of Ukraine in 2022 triggered Western sanctions that drove down its price.
Trump in August doubled duties on imports from India to 50% to pressure New Delhi to stop buying Russian oil, and earlier this month said the rate could rise again if it did not curb its purchases.
However, Treasury Secretary Scott Bessent signaled in January that the additional 25% tariff on Indian goods could be removed, given what he called a sharp reduction in Indian imports of Russian oil.
Trump in March 2025 also imposed a 25% tariff on countries buying Venezuelan oil, including India. The US government this week lifted some sanctions on Venezuela’s oil industry to make it easier for US companies to sell its crude oil.
Trump’s comments on Saturday appeared to reflect continued improvement in US-India relations, which have been tense throughout the past year.
Trump also said China could make a deal with the US to buy Venezuelan oil.
“China is welcome to come in and would make a great deal on oil,” Trump said, without providing any details.
