Trump says India will start buying oil from Venezuela ‘as opposed to Iran’
AI Summary
In February 2026, then-US President Donald Trump stated that India would begin purchasing oil from Venezuela instead of Iran. This announcement follows previous US pressure on India to reduce its imports of Russian oil, which had increased due to sanctions on Iran and discounted Russian crude after the Ukraine war. The US had previously imposed tariffs on Indian goods and threatened tariffs on Venezuelan oil purchases to influence India's oil sourcing. The US recently lifted some sanctions on Venezuela's oil industry, potentially facilitating this shift. While India has not been importing significant amounts of Iranian oil due to US sanctions, it remains to be seen if India will shift from Russian oil to Venezuelan oil.
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