US signals ‘yes’ to India buying Venezuelan oil, but under Washington’s hand on the tap

A senior Trump administration official says Washington is open to India buying Venezuelan crude, with sales marketed and revenues controlled by the US government.

• US may allow India to buy Venezuelan oil under a new US-controlled framework
• US to sell 30-50 million barrels of Venezuelan oil, managing exports and revenue
• India could regain access to Venezuelan crude, diversifying its energy supplies

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The White House has indicated it is prepared to allow India to buy Venezuelan oil under a new US-controlled framework, raising the prospect of a partial reopening of trade frozen for years by American sanctions.

Asked whether Washington was ready to let India resume purchases of Venezuelan crude, given its growing energy needs, a senior Trump administration official replied in the affirmative. “Yes,” the official told IANS, while stressing that operational details were still being finalised.

US to market Venezuelan crude, control revenues

The official pointed to remarks by US Energy Secretary Christopher Wright, who said Washington would be open to selling Venezuelan oil to “almost all countries.”

In an interview with Fox Business, Wright said Venezuelan oil was being allowed to flow again, but only under a tightly controlled structure. “So that oil, we’re allowing it to flow. Again, it’s marketed by the United States government. The money’s gonna flow into accounts,” he said.

Why India matters

Before US sanctions curtailed trade, India was one of Venezuela’s largest buyers, importing heavy crude to feed its complex refineries. Any renewed access could help India diversify supplies at a time when demand is rising and refinery runs are expanding.

In separate remarks at an energy conference in New York, Wright said the US plans to market between 30 million and 50 million barrels of Venezuelan oil currently in storage, followed by continued sales from future production — a move that could reshape parts of the global oil trade with Washington firmly in control.

Trump outlines oil reset after Maduro’s ouster

US President Donald Trump said the United States will refine and sell up to 50 million barrels of Venezuelan crude under a new arrangement following the removal of former Venezuelan president Nicolás Maduro.

Speaking to senior administration officials and oil executives, Trump framed the plan as both an economic opportunity and a political reset. He said oil companies would invest “at least $100 billion” — about Rs 8.3 trillion — to revive Venezuela’s crippled oil industry, while making clear that Washington would decide which firms are allowed to invest.

Control first, expansion later

Under the plan outlined this week, Venezuela would sell between 30 million and 50 million barrels of sanctioned crude to the US, with Washington controlling exports and revenues. US officials have said some shipments could flow to non-US buyers — including India — but under continued American oversight.

Venezuela currently has millions of barrels stranded in storage tanks and vessels due to sanctions and logistical constraints. Any reopening to India would mark a significant shift in trade patterns, restoring a key supplier for New Delhi while cementing Washington’s role as gatekeeper of Venezuelan oil.