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US Pitches Venezuelan Oil to India Amid Push to Reduce Dependence on Russian Crude: Report
The US has allowed India to resume Venezuelan crude imports to offset a projected decline in Russian oil imports below 1 million barrels per day, Reuters sources said.
- Recently, the United States told India it can soon resume purchases of Venezuelan crude oil to help replace declining Russian imports, three sources familiar with the matter said.
- President Donald Trump previously imposed 25% tariffs on Venezuelan oil buyers, discouraging purchases as India became a major buyer of Russian oil after the 2022 invasion of Ukraine, but growing trade and tariff pressures pushed New Delhi to diversify.
- Trade data and refinery actions show Russian oil's share shrinking in India's import mix as purchases fell from about 1.2 million bpd in January to projected 800,000 bpd in March, with Hindustan Petroleum and Mangalore Refinery and Petrochemicals limiting contracts.
- Washington's outreach aims to help India replace shrinking Russian imports, people familiar with the discussions told Reuters; Venezuela recently opened its hydrocarbons sector and on Friday interim president Delcy Rodríguez agreed with Prime Minister Narendra Modi on energy cooperation.
- Part of a broader U.S. effort, the change could reshape India's energy ties as US tariffs on Indian goods reached 50 per cent and India is on track to lower Russian oil imports by several hundred thousand bpd in the coming months.
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US pitches Venezuelan oil to India amid push to reduce dependence on Russian crude: Report
The United States has pitched the resumption of Venezuelan oil purchases to India, as Washington pushes New Delhi to reduce its dependence on Russian crude amid rising trade pressure and tariffs, according to a Reuters report.
·Mumbai, India
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The United States has indicated to India that it may resume purchasing Venezuelan crude oil to offset the significant reduction in Russian oil imports. Following the increase in tariffs on Russian oil, India may reduce imports by 500,000 to 600,000 barrels per day in the coming months. The United States wants to prevent Russia's oil revenue from funding the Ukraine war.
Coverage Details
Total News Sources17
Leaning Left2Leaning Right4Center1Last UpdatedBias Distribution57% Right
Bias Distribution
- 57% of the sources lean Right
57% Right
L 29%
14%
R 57%
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