US willing to sell Venezuelan oil to India: Report
What's the story
The United States is reportedly open to selling Venezuelan oil to India under a new US-controlled framework. This comes after an agreement between Caracas and Washington to export up to $2 billion worth of Venezuelan crude, which is estimated to be between 30 and 50 million barrels. A senior US administration official confirmed the development to news agency IANS, saying the Trump administration is ready to allow India access to Venezuelan oil. The move comes days after the US military "captured" Venezuelan President Nicolás Maduro.
Trade framework
US Energy Secretary outlines conditions for oil trade
US Energy Secretary Chris Wright said the oil would be sold under a structure designed and overseen by the US government. He emphasized that funds from these sales would be repatriated to Venezuela in a way that "benefits the Venezuelan people, not corruption, not the regime." The Secretary noted there was strong interest in Venezuelan crude from buyers around the world, including Europe and Asia.
Economic leverage
US control over oil flows and revenues
Wright described US control over oil flows and revenues as leverage to end what he called criminal activity linked to Venezuela's previous leadership. He emphasized that only legitimate energy commerce, as determined by the US, would be permitted under this new framework. "You can sell oil together with the United States, or you can not sell oil," he said.
Energy diversification
India's potential role in Venezuelan oil trade
Previously, India was one of the biggest importers of Venezuelan crude, before American sanctions restricted trade. The renewed access could help diversify India's energy imports, one of the fastest-growing energy consumers globally. Wright said US officials are in discussions with oil companies that previously operated in Venezuela about investment conditions. On Thursday, Reliance Industries Ltd, operator of the world's largest refining complex, said it would consider buying Venezuelan oil if it is permitted for sale to non-US buyers.