The US has indicated that it may allow India to resume purchases of Venezuelan crude oil under a new framework that would place the trade under Washington’s oversight, according to media reports and comments attributed to the US officials.
According to The Statesman, a senior US administration official said India could regain access to Venezuelan oil, adding that the supply would be routed through a system controlled by the US government. The official was quoted as responding in the affirmative when asked by news agency IANS whether India would be permitted to resume such purchases.
The development comes amid continued pressure from Washington on New Delhi to curb its imports of Russian crude, even as India seeks to diversify its oil sources to safeguard energy security.
Earlier this year, the US and Venezuela reached an arrangement allowing the export of up to $2 billion worth of Venezuelan crude, despite longstanding sanctions. Under the proposed mechanism, Venezuelan oil would be marketed under a framework monitored by the US, with revenues routed through controlled channels.
India was among Venezuela’s major oil buyers in the past, particularly of heavy crude grades suited to complex refineries, before sanctions disrupted trade. Reports suggest that Indian refiners could regain access to these supplies if the proposed framework is operationalised.
Details of pricing, shipment and regulatory clearances are yet to be finalised, according to officials cited in the reports.
