India to buy oil from Venezuela instead of Iran? Trump says ‘concept of deal’ made

Trump's comment on India making a ‘deal’ to buy Venezuelan oil came a day after the US told New Delhi that it could soon resume purchases of oil from the South American nation to help replace imports of Russian oil.

Written By Shiladitya Ray
Updated1 Feb 2026, 09:45 AM IST
President Donald Trump attends Amazon MGM's 'Melania' World Premiere at The Trump Kennedy Center on January 29, 2026 in Washington, DC.
President Donald Trump attends Amazon MGM's 'Melania' World Premiere at The Trump Kennedy Center on January 29, 2026 in Washington, DC.(Getty Images via AFP)

US President Donald Trump on Saturday (local time) said that India had already "made" a deal to buy oil from Venezuela, adding that China too was "welcome" to buy oil from the South American country.

Addressing reporters aboard Air Force One, Trump, as per news agency ANI, said, "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 be buying Venezuelan oil as opposed to buying it from Iran. So, we've already made the concept of the deal."

Also Read | Canada back in play: Indian Oil to raise energy bets as ties reset

Trump's comment came a day after the US told New Delhi that it could soon resume purchases of Venezuelan oil to help replace imports of Russian oil, Reuters reported citing people in the know.

The comment also comes amid escalating tensions between Iran and the US, with the Trump administration pressuring Tehran for talks.

The US effort to supply Venezuelan crude to India comes as Washington seeks to reduce the oil revenue that is funding Russia in its war on Ukraine. Trump imposed 25% tariffs on countries buying Venezuelan oil, including India, in March last year.

As of writing this, the Indian government had not yet responded to Trump's claim.

Also Read | India, Arab League nations back 2-state solution on Palestine

Earlier, Trump said that Venezuela has offered Washington "50 million barrels of oil" worth $5.2 billion, and that he had agreed to that deal.

After capturing Venezuelan President Nicolas Maduro, Trump had made it clear that Washington would "run" the South American nation during its transition and demanded "total access to the oil and to other things in their country."

Trump's comments also confirms recent report of New York-based news outlet Semafor that the US has made its first sale of Venezuelan oil valued at $500 million, reported ANI.

According to the Semafor report, revenue from the oil sales is currently being held in bank accounts controlled by the US government. The main account, according to a senior administration official, is located in Qatar.

(With inputs from agencies)

Get Latest real-time updates

Catch all the Business News , Economy news , Breaking News Events andLatest News Updates on Live Mint. Download TheMint News App to get Daily Market Updates.

Business NewsEconomyIndia to buy oil from Venezuela instead of Iran? Trump says ‘concept of deal’ made
More