India will buy oil from Venezuela, not Iran: Donald Trump

In the aftermath of the US' capture of Venezuela, India has agreed to purchase oil from Venezuela instead of Iran, said US President Donald Trump.

Trump also extended an invitation to China to negotiate Venezuelan oil's purchase, stating, “China is welcome to come in and would make a great deal on oil.”

Trump's comments reflected that a deal with India has already been struck, meaning the country is set to replace Russian oil imports with those from Venezuela.

The shift is part of the US strategy to cut Russia's oil revenue amid its ongoing war in Ukraine. Although the US imposed tariffs on India to discourage its Venezuelan oil purchases last year, now the country has changed its stance to reshape energy flows and curb Russian export revenues.

Historically, India imported significant amounts of oil from Iran, which was one of its top suppliers between 2006 and 2019. At its peak in 2007–08, Iran provided 13% of India’s crude oil imports. In 2018–19, India imported $12.3 billion worth of Iranian oil, nearly 9% of its total oil imports.

Trump had previously imposed a 25% tariff on countries, including India, that purchased Venezuelan oil in March last year.

As of 2023, Iran heavily relied on its oil exports, ranking third globally in oil reserves and fourth in production within OPEC.