Prime Minister Narendra Modi with US President Donald Trump.
Credit: PTI Photos
Days after the US captured Venezuela's Nicolas Maduro, it is reportedly ready to open oil trade with India. The White House is willing to sell the oil under a new Washington-controlled framework, according to reports. This surfaces amidst Washington's pressure on New Delhi to stop its Russian crude trade.
Earlier this year, Washington and Caracas made a deal to export up to $2 billion worth of Venezuelan crude. Despite US tariffs and India's continued oil relations with Russia, India is said to be allowed to buy Venezuela oil under the new US framework. Under this, the Venezuela oil will be marketed by the US government.
The Statesman said that a senior US administration official indicated that India could regain access to Venezuela's oil. When asked if US would allow India to resume purchases of Venezuelan oil, a US official responded in the affirmative to IANS.
To the unversed, the country has been one of Venezuela’s biggest oil buyers in the past. However, the recent shift in the oil trade is possible under a system tightly controlled by the US.
Notably, one of India's big names is already in talks for this oil. Reliance Industries is seeking US approval to resume purchases of Venezuelan crude. The brand's representatives are in discussions with the US State and Treasury departments to obtain the authorization, sources informed news agency Reuters. Reliance's last cargo of Venezuelan oil arrived in India in May 2025.
Several reports called India's opportunity to buy oil again as a "massive win" for the nation.
US Energy Secretary Christopher Wright informed that Washington was open to selling Venezuelan oil to “almost all countries”.