India to Buy Venezuelan Oil, Not Iranian Crude: Trump
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Firstpost•01-02-2026, 09:08
India to Buy Venezuelan Oil, Not Iranian Crude: Trump
- •US President Donald Trump announced that India will purchase Venezuelan oil instead of Iranian crude.
- •Trump also stated that China is welcome to make a deal to buy oil from Venezuela.
- •Venezuelan legislators passed a law change to ease foreign company participation in its oil industry.
- •The reform, supported by acting President Delcy Rodríguez, opens up the state-controlled Petróleos de Venezuela (PDVSA) sector.
- •The policy shift aims to attract American firms and investment to Venezuela's oil industry, which holds the world's largest proven reserves.
Why It Matters: India will shift from Iranian to Venezuelan oil, as Venezuela opens its oil sector to foreign investment.
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