US President Donald Trump on Saturday said India will buy Venezuelan oil, as opposed to purchasing oil from Iran. Trump also said that China was also welcome to make a deal with the US to buy Venezuelan oil. At its peak in 2007–08, Iran provided 13 per cent of India’s crude oil imports. In 2018–19, India imported $12.3 billion worth of Iranian oil, nearly 9 per cent of its total oil imports. Trump imposed 25 per cent tariffs on countries buying Venezuelan oil, including India, in March last year.

Source: The Telegraph February 01, 2026 04:01 UTC