New Delhi/Washington: US President Donald Trump on Saturday indicated a possible shift in India’s crude oil sourcing strategy, stating that New Delhi would purchase oil from Venezuela instead of Iran, amid evolving geopolitical and energy dynamics.
Speaking on the issue, Trump said that the broad framework of the arrangement had already been agreed upon. He added that India’s proposed move would come as China explores its own energy deals. The remarks suggested a potential realignment in India’s energy procurement amid changing global circumstances.
Trump’s statement comes days after Prime Minister Narendra Modi held a telephone conversation with Venezuela’s acting President Delcy Eloína Rodríguez Gómez on January 30, during which the two leaders agreed to strengthen and expand bilateral cooperation. According to the official readout, discussions covered sectors such as trade and investment, energy, digital technology, health, agriculture, and people-to-people exchanges.
The two leaders also exchanged views on regional and global developments and highlighted the importance of enhanced cooperation among countries of the Global South, agreeing to remain in contact.
While the Indian government has not officially responded to Trump’s remarks, their timing—soon after high-level engagement between New Delhi and Caracas—has drawn attention to energy cooperation as a central pillar of India-Venezuela relations.
It is notable that the Trump administration had imposed 25 per cent tariffs in March 2025 on countries importing Venezuelan oil, including India, while simultaneously increasing pressure on the Venezuelan leadership. Following recent political developments in Venezuela, Washington has encouraged US energy companies to explore investment opportunities in the country’s vast oil reserves.
In a related move, Venezuela’s National Assembly has approved amendments to the hydrocarbons law, granting greater operational flexibility to private and foreign firms. The reforms, once formally enacted, are expected to facilitate higher levels of foreign investment in the oil sector.
Venezuela possesses some of the largest proven oil reserves globally, while India has traditionally relied on a diversified pool of crude suppliers to ensure energy security, adjusting imports based on market conditions and geopolitical considerations.
India and Venezuela have long maintained cordial relations, sharing common ground on major international, political, and economic issues, and cooperating closely across multilateral platforms.
