WASHINGTON, D.C: The White House has reportedly hinted at being ready to allow India to buy Venezuelan oil under a new US-controlled framework. This was claimed in a report by India Today, quoting a senior Trump administration official.
This comes at a time when India’s Reliance Industries (RELI.NS) is in talks to seek US approval to resume purchases of Venezuelan crude, reported Reuters, quoting sources familiar with the matter on Friday. The private refiner is looking to secure supplies amid Western pressure on India to cut Russian oil imports.
Reports claimed that the finer details of how the US arrangement would work was still being finalised. Pointing to the recent remarks made by US Energy Secretary Christopher Wright in an interview to Fox Business, who said Washington would be open to selling Venezuelan oil to “almost all countries,” the official, as quoted by IANS, replied ‘yes’ when asked about India’s prospect.
Wright had reportedly sai
d the US government would market the oil and channel proceeds into accounts controlled by Washington. Officials reportedly claimed that this structure was designed to ensure that revenues benefit the Venezuelan people rather than entrenched corruption.
Before American sanctions were tightened, India had been one of Venezuela’s largest crude buyers, particularly heavy grades suited to its complex refineries. A resumption of supplies could thus help New Delhi diversify its energy imports as domestic demand grows.
President Donald Trump had reportedly said the United States planned to refine and sell up to 50 million barrels of Venezuelan crude under the new arrangement following the ouster of former Venezuelan President Nicolás Maduro, emphasising a hands-on US role in managing both production and sales.
It is to be noted that Reliance had previously received licences for such imports, with about 63,000 barrels per day delivered in early 2025 before most were suspended.
The US move comes amid broader geopolitical pressure on India to reduce imports of Russian crude, and it represents a partial shift in sanctions policy that could influence global oil flows. Other international oil companies — including Chevron, Vitol and Trafigura — are also seeking licences to participate in Venezuelan oil exports under the new regime, according to reports.