Trump says India will buy oil from Venezuela, not from Iran
The 'concept of the deal' has already been agreed upon, says the US President
US President Donald Trump on Saturday said India would buy crude oil from Venezuela instead of Iran, signalling a possible realignment in India’s energy sourcing amid shifting geopolitical dynamics.
“China is welcome to come in and make a great deal on oil… We’ve already made a deal. India is coming in, and they’re going to buy Venezuelan oil as opposed to buying it from Iran,” Trump said, adding that the “concept of the deal” had already been agreed upon.
The remarks came just days after Prime Minister Narendra Modi held a telephone conversation with Venezuela’s acting President Delcy Eloína Rodríguez Gómez on January 30.
During the call, the two leaders agreed to deepen and expand the India-Venezuela partnership across sectors, including trade and investment, energy, digital technology, health, agriculture and people-to-people ties.
According to the official readout, Modi and Rodríguez also exchanged views on regional and global issues of mutual interest and underscored the importance of close cooperation among countries of the Global South. They agreed to remain in touch.
While New Delhi has not reacted on Trump’s statement, the timing of the remarks, soon after high-level engagement with Caracas, has brought renewed focus on energy cooperation as a key pillar to bilateral ties.
Notably, Trump had imposed 25 per cent tariffs in March 2025 on countries purchasing Venezuelan oil, including India. His administration also intensified pressure on Venezuelan President Nicolás Maduro, who was captured by US forces on January 3.
Since Maduro’s capture, Trump has pushed US oil companies to invest in Venezuela’s vast hydrocarbon reserves, despite decades of mismanagement, under-investment and an uncertain political environment.
In a related development, Venezuela’s National Assembly recently approved reforms to the country’s hydrocarbons law, granting greater operational autonomy to private companies, including foreign firms. Once signed by the interim president, the changes are expected to facilitate increased foreign investment in the oil sector.
Venezuela holds some of the largest proven oil reserves in the world.
India has traditionally sourced crude from a diversified basket of suppliers to ensure energy security, calibrating purchases in response to market conditions and geopolitical considerations.
India and Venezuela have long enjoyed cordial relations, sharing convergences on major international, political and economic issues, and cooperating closely in multilateral forums.
