India tells US it needs Iran, Venezuela crude to offset Russian cuts
Indian officials have told the Trump administration that any significant reduction in Russian oil imports would require Washington to allow purchases from sanctioned suppliers Iran and Venezuela, Bloomberg reported.
A delegation in Washington this week voiced New Delhi’s position in meetings with US officials, stressing that simultaneously cutting Russian, Iranian and Venezuelan flows would risk driving up global prices, the reported cited people familiar with the talks as saying.
India, the world’s third-biggest crude importer, meets nearly 90% of its oil needs from abroad. Its refiners have relied on discounted Russian barrels to ease costs after sanctions curbed Moscow’s wider trade, while Iranian and Venezuelan oil could offer similar discounts.
Commerce Minister Piyush Goyal said this week India wanted to increase US oil and gas purchases, but added that “our energy security goals will have a very high element of US involvement.”
India halted Iranian oil imports in 2019 and stopped buying Venezuelan crude this year as US sanctions tightened.
Replacing those supplies with Middle Eastern barrels would be more expensive, officials said.
