The US Has Found A Way To Squeeze Russian Oil Out Of Indian Markets

• 1.02.2026, 9:16

Black gold from Venezuela is coming into play.

The United States has informed India that it plans to resume selling Venezuelan oil to them so that India can replace Russian oil imports with it, Reuters writes, citing sources.

India has vowed to cut purchases of Russian crude after the US raised tariffs for it. India also plans to cut its imports of Russian oil by several hundred thousand barrels a day in the coming months.

"The U.S. effort to supply Venezuelan oil to India comes amid Washington's desire to reduce oil revenues for Russia, which continue to finance the war in Ukraine," the article said.

It is not yet known whether Venezuelan oil will be sold by outside trading companies such as Vitol or Trafigura. Or it will be sold directly by Venezuela's state oil company PDVSA.

According to the publication, India became a major buyer of Russian oil after Russia's invasion of Ukraine in 2022 led to Western sanctions that lowered its price. Indian Oil Minister Hardeep Singh Puri said last week that India is diversifying its sources of crude oil supplies as Russian oil imports are declining. According to reporters, India is preparing to cut Russian oil imports to less than one million barrels per day.

In January, they were buying about 1.2 million bpd. The purchases are projected to drop to about 1 million bpd in February and 800,000 bpd in March.

Another source told the publication that these imports would eventually drop to about 500,000-600,000 bpd, which would help the country reach a trade agreement with the United States.

Data from trade sources showed that India's imports of Russian oil fell to their lowest level in two years in December. That raised OPEC's share of Indian imports to an 11-month high.

Indian refiners are buying more oil from the Middle East, Africa and South America to offset the drop in Russian crude imports.