NEW DELHI: The United States is in “active negotiation” with India over the potential sale of Venezuelan crude oil, as part of broader efforts to help India diversify its sources of crude away from Russian supplies, U.S. Envoy Sergio Gor said on Friday. ([Reuters][1])
Speaking to reporters on the sidelines of an event in New Delhi, Gor said the U.S. Department of Energy is in direct talks with India’s Ministry of Energy, with expectations of a breakthrough “very soon” on the Venezuelan oil front. ([Reuters][1])
The negotiations are linked to an interim trade agreement between the U.S. and India, under which Washington has agreed to cut tariffs on Indian goods to 18 per cent and remove a 25 per cent punitive levy, contingent on New Delhi reducing its purchases of Russian oil. ([Reuters][1])
Gor indicated that India may increase purchases of oil from both the United States and Venezuela as part of this diversification strategy. A formal trade deal is expected to be signed “sooner than later,” with some technical points still being finalised, and Indian Prime Minister Narendra Modi has invited U.S. President Donald Trump to visit India. ([Reuters][1])
India’s energy policy on Venezuelan crude is driven by economic and commercial viability, with the Ministry of External Affairs reiterating that New Delhi will consider Venezuelan oil imports if they make commercial sense. ([The Financial Express][2])
Several state-run and private Indian refiners, including Indian Oil Corp, Hindustan Petroleum, and Bharat Petroleum, have reportedly ordered Venezuelan oil as part of this diversification trend. ([Reuters][1])
By Reuters
