Trump Claims India Swaps Iranian Oil for Venezuelan Imports
US President Donald Trump stated that India is shifting its oil imports from Iran to Venezuela, though he provided no evidence for the claim. The assertion comes as India actively diversifies its energy sources following US sanctions.
Key Details on India’s Oil Trade
- India was a major buyer of Iranian oil until US sanctions waivers ended in May 2024.
- Venezuelan imports rose 16% in June to 340,000 barrels per day (bpd), but remain less than half of previous Iranian purchases.
- India’s stance remains focused on securing the “best deal,” despite US pressure on Venezuela.
Trump said, “India is one of the nations which is moving away from Iranian oil and is now buying oil from Venezuela.”
India halted Iranian oil imports after the US terminated sanctions exemptions. Before the waiver ended, India imported approximately 480,000 bpd from Iran.
While Venezuelan imports have increased, they do not match previous Iranian volumes. The US has imposed its own sanctions on Venezuela and urges global partners to stop trade with Caracas.
India’s Broader Energy Strategy
New Delhi is aggressively diversifying its crude oil suppliers. Imports from the United States have surged by over 300% in the past year. Other key suppliers now include Saudi Arabia.
Pompeo had said, “We are working with India to find alternative sources of energy. We are confident that India will be able to find alternative sources of energy.”
As the world’s third-largest oil consumer, India imports more than 80% of its requirements, making energy security a top priority. The government maintains its commitment to buying from the most competitive sources globally.
