Washington: The United States has signalled its readiness to allow India to resume purchasing crude oil from Venezuela, provided the transactions occur under a new, strictly controlled framework managed by Washington.
A senior administration official confirmed the development to IANS, stating "Yes" when asked if the White House was willing to let India, historically one of Venezuela’s largest clients, access the supplies. The move marks a significant shift as the US moves to market Venezuelan crude globally while maintaining tight control over the revenue.
Energy Secretary Christopher Wright, speaking to Fox Business, outlined the new structure. Under this policy, the US government will market the oil directly, and all proceeds will be deposited into US-controlled accounts. Wright emphasized that this mechanism ensures the funds benefit the Venezuelan people rather than the current regime or "corruption."
"You can sell oil together with the United States, or you can not sell oil," Wright stated, framing the policy as a lever to enforce sanctions while stabilizing global supply. He added that the US is open to selling to buyers in "Europe, Asia, and all around the world."
The resumption of supplies is a critical development for New Delhi. India’s complex refineries are specifically configured to process heavy Venezuelan crude, and the country was a major buyer before American sanctions curtailed trade. Renewed access would help India diversify its import basket amid rising global energy demand.
Wright noted that the US plans to market between 30 million and 50 million barrels of Venezuelan oil currently in storage. To support this, Washington will also supply diluent and allow the import of equipment to stabilize production.
However, the administration warned that enforcement remains central to the plan. Citing recent seizures of tankers carrying sanctioned oil, Wright asserted that only "legitimate and lawful energy commerce, as determined by the US," will be permitted.
(Inputs from IANS)