U.S. President Donald Trump announced that India will start purchasing oil from Venezuela instead of Iran. This statement was made on January 31, Saturday, during his flight aboard Air Force One from Florida to Washington. Trump noted, "We have already completed this deal, the concept of the deal."
These words from Trump came immediately after Washington informed New Delhi that the purchases of Venezuelan oil would soon resume, according to information provided by three informed sources to Reuters. This decision is also aimed at helping India reduce its oil imports from Russia.
Additionally, Trump mentioned that China may also strike a deal with the U.S. to purchase Venezuelan oil.
U.S. Control over Venezuelan Oil Sales
The resumption of Venezuelan oil exports occurred after a U.S. military operation that resulted in the arrest of former Venezuelan President Nicolás Maduro in early January. Under the control of U.S. authorities, the Venezuelan state oil and gas company PDVSA has begun to increase production volumes.
According to a new agreement with Caracas, the U.S. has already started selling Venezuelan oil. Revenues from the first deals, totaling about $500 million, are held in bank accounts controlled by the U.S. administration, a source familiar with the situation reported. The total amount of the agreement is estimated at $2 billion, with the main account opened in Qatar, allowing this country to be used as a neutral platform for transactions.
On January 29, the Venezuelan parliament, following U.S. directives, passed a law allowing private investors to enter the country's oil sector.
