America is ready to sell Venezuelan oil to India, but… Trump administration has put a condition
"Venezuela is going to be very successful," Trump said. Referring to the country's oil sector, he said, "We're taking back everything that was taken from us." Trump said oil companies would invest at least $100 billion in Venezuela.
US President Donald Trump's administration has made another major announcement for India. The White House said that the US is ready to allow India to buy Venezuelan oil.
The US is trying to sell Venezuelan crude oil worldwide. US Energy Secretary Christopher Wright said that the White House has indicated that it is ready to allow India to buy Venezuelan oil under US control, increasing the possibility of resuming trade that had been stalled due to US sanctions.
In an interview, Wright said the US is allowing Venezuelan oil to be resupplied, but only under a tightly controlled framework. "That oil, we are allowing it to be supplied," he said. "Again, it will be marketed by the US government. The money will come into the accounts."
Purchase of heavy crude oil
Before US sanctions limited trade, India was one of Venezuela's largest customers, purchasing heavy crude oil to power its complex refineries. This could now help India diversify its energy imports as demand continues to grow.
Speaking separately at an energy conference in New York, Wright said the US currently plans to market 30 to 50 million barrels of Venezuelan oil, followed by continued sales from future production, a move that could reshape parts of the global oil trade, with Washington firmly in a leadership role.
US to sell 50 million barrels of Venezuelan oil
Meanwhile, US President Donald Trump said the US will sell up to 50 million barrels of Venezuelan crude oil under a new arrangement following the ouster of former Venezuelan President Nicolas Maduro.
Speaking at a meeting with senior administration officials and executives from some of the world's largest oil companies, Trump presented the move as both an economic opportunity and a political reset.
Oil companies to invest $100 billion
"Venezuela is going to be very successful," Trump said. Referring to the country's oil sector, he said, "We're taking back everything that was taken from us." Trump said oil companies would invest at least $100 billion in Venezuela.
Washington is trying to revive production in the country with the world's largest proven oil reserves, whose industry has been crippled by years of sanctions, mismanagement, and underinvestment.
US to tighten control over Venezuela's oil sector
The US president made clear that Washington would maintain tight control over the reopening of Venezuela's oil sector. Trump said his administration would decide which companies would be allowed to invest, emphasizing a proactive approach to managing both capital flows and production.
Venezuela's politics has completely changed.
Trump has urged US oil companies to help repair Venezuela's oil infrastructure and rapidly increase production. Under a plan announced this week, Venezuela will sell 30 to 50 million barrels of banned crude oil to the US. This announcement follows Maduro's detention and arrest in Caracas over the weekend, which has completely altered the country's political landscape.
Millions of barrels of Venezuelan crude oil are currently stuck in onshore storage tanks and ships due to sanctions and logistical constraints. US officials have said Washington will indefinitely control Venezuelan oil exports, while allowing some shipments to be sent to non-US buyers.
Donald Trump
Narendra Modi
Venezuela