US President Donald Trump administration is willing to sell Venezuelan oil to India under a new US-controlled framework. The move came after Caracas and Washington reached a deal this week to export up to 2 billion worth of Venezuelan crude, some 30-50 million barrels, to the United States.
India was a major buyer of Venezuelan crude before American sanctions curtailed trade. The possibility of renewed access could help diversify India’s energy imports amid sustained demand growth. While Venezuela has the world’s largest proven oil reserves, India is among the world’s fastest-growing energy consumers and relies heavily on imports to meet its oil needs.
