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US negotiating with India on Venezuelan oil sale, US envoy says
The U.S. links Venezuelan oil sales to India with an interim trade deal to cut tariffs, aiming to reduce India's Russian crude imports, the world's third-largest consumer.
- On Friday in New Delhi, U.S. envoy Sergio Gor said Washington is in active negotiation over selling Venezuelan oil to India to diversify supplies, and 'The Department of Energy is speaking to the Ministry of Energy here, and so we're hoping to have some news of that very soon.'
- The U.S. has tied trade concessions to oil supply diversification, with President Donald Trump this month agreeing to cut tariffs on Indian goods to 18% under an interim trade deal, which India's trade minister Piyush Goyal said is set to take effect in April.
- Licences authorised trading houses Vitol and Trafigura to market Venezuelan oil after Nicolás Maduro's capture last month, while Indian Oil Corp, Hindustan Petroleum, Bharat Petroleum, Reliance Industries, and HPCL-Mittal Energy have ordered it.
- Sergio Gor said a final deal will be signed 'sooner than later' as 'the Department of Energy is speaking to the Ministry of Energy here, and so we're hoping to have some news of that very soon.'
- Having become a top buyer of Russian crude, Reuters reported last month the U.S. pitched Venezuelan oil to India to help replace Russian imports and removed a 25% punitive levy after India ended Russian purchases.
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The United States is in "active negotiations" with India, which seeks to reduce its dependence on Russian oil, to buy it from Venezuela, said Friday Sergio Gor, the American emissary.
·Montreal, Canada
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The goal is to reduce dependence on Russian raw materials.
'India diversifying oil sourcing': US envoy Sergio Gor notes Russia shift - what he said on Venezuela option
India is diversifying its oil sources, according to US envoy Sergio Gor. Discussions are underway for Venezuelan oil imports. The US maintains its stance against countries buying Russian oil. A trade deal between India and the US is nearing finalization, with a potential meeting between Prime ...
Coverage Details
Total News Sources32
Leaning Left5Leaning Right7Center6Last UpdatedBias Distribution39% Right
Bias Distribution
- 39% of the sources lean Right
39% Right
L 28%
C 33%
R 39%
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