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White House Open to Venezuelan Crude Sales to India, Says Trump Administration Official
A Trump administration official has indicated that the White House may allow India to purchase Venezuelan oil under a US-controlled framework. This could partially resume trade halted by US sanctions, although the US will benefit from the sales. India was previously a major buyer of Venezuelan oil, and this move would help diversify supply amid growing demand.
A high-level official in the Trump administration claimed that the White House has shown its willingness to allow India to buy Venezuelan crude oil under the new US-managed system. This will allow Venezuelan crude to enter India. But it will remain under the control of the USA. Venezuelan crude cannot be sold in the market. But the chances have now increased to partly unfreeze the trade stopped owing to the sanctions imposed by the USA.
However, to the US, any oil exports from Venezuela to various nations will be of great benefit to them. In light of this, they will be selling Venezuelan oil under their control. Therefore, they will receive a share of the profits.
India is not now importing any oil from Venezuela. Due to US sanctions, very few countries import oil from Venezuela. However, now that the US has gained control over Venezuela, it is trying to sell oil at its own discretion. In such a situation, Venezuela may receive a waiver from sanctions.
When asked by a Trump administration official whether India could buy oil from Venezuela, the official told news agency IANS, "Yes," while emphasizing that the finer details are still being worked out.
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According to a Fox Business report, the official also cited recent comments by US Energy Secretary Christopher Wright, who publicly stated that the US would be willing to sell Venezuelan crude oil to "almost all countries" if this was done through a strict framework controlled by Washington.
Before US sanctions, India was one of the largest buyers of Venezuelan crude, importing heavy crude oil for its complex refineries. Any new access could help India diversify supplies at a time when demand is rising and refinery operations are ramping up.
Speaking separately at an energy conference in New York, Wright said the US plans to sell 30 million to 50 million barrels of Venezuelan oil currently in storage, followed by continued sales from future production – a move that could transform parts of the global oil trade, with Washington firmly in control.
