Throughout his press briefings thereafter, Mr. Trump emphasised Venezuela’s vast oil reserves as America’s underlying strategic interest. India, for instance, imported substantial volumes of Russian crude since 2022, accounting for more than 20% of Russia’s war-period crude exports. India has also reportedly begun paying for some Russian crude in yuan, signalling small but telling shifts in how global energy commerce is conducted. Meanwhile, the oil market is evolving with the global energy transition — electric vehicles sales, led by China, are reshaping demand patterns. China’s dominance in the EV ecosystem represents a structural challenge not just to oil firms but also to the broader economic and financial architectures that supported U.S. dominance for decades.

Source: The Hindu January 09, 2026 22:31 UTC