Trump Announces India Will Buy Venezuelan Oil Over Iranian Crude

President Donald Trump announced on January 31, 2026, that India has agreed to a deal to purchase Venezuelan oil instead of Iranian crude. Trump characterized the agreement as the concept of the deal and stated that China is also welcome to negotiate for Venezuelan oil. This shift follows a period of intense U.S. pressure on New Delhi, including tariffs on Indian goods that reached 50 percent in August to penalize Russian oil imports.

The energy transition follows a U.S. military strike on Caracas on January 3, 2026, which resulted in the capture of Venezuelan President Nicolas Maduro. Trump claims the U.S. is now running Venezuela during a transition period, with Delcy Rodriguez serving as interim leader. To facilitate the new oil deals, the U.S. government lifted certain sanctions on Venezuela's oil industry and planned indefinite control over its production.

Prime Minister Narendra Modi and Acting President Delcy Rodriguez held a phone call on January 31 to coordinate deepening bilateral cooperation in energy and trade. India is diversifying its sources to avoid U.S. tariffs, with Russian crude imports projected to drop from 1.2 million barrels per day in January to approximately 800,000 by March.

The announcement drew criticism from the Indian National Congress. General Secretary Jairam Ramesh argued that Trump is revealing the Indian government's foreign policy actions before the administration does so itself, citing previous comments regarding Russian oil and Op Sindoor.