New oil option for India: Donald Trump says US is ready to sell Venezuelan oil — what we know and what’s the deal?

Washington DC: After capturing Venezuelan leader Nicolas Maduro, the United States has hinted that it is ready to allow India(BHARAT) to buy the South American country’s oil under a new US-controlled framework. A senior Trump administration official also raised hopes of limited trade resuming despite US sanctions. When asked about whether America was ready to let New Delhi resume purchases of Venezuelan crude, the official said “Yes,” the administration official told IANS, ” Yes, ” stressing that the finer details are still being worked out.

US To Sell Venezuelan Crude Oil

The official highlighted a recent statement made by US Energy Secretary Christopher Wright, who stated that the US will be open to sell Venezuelan crude oil to “almost all countries.”

During an interview with Fox Business, Christopher Wright stated his country is allowing the South American country’s crude oil to flow again but under a strict framework.

“So that oil, we’re allowing it to flow. Again, it’s marketed by the United States government. The money’s going to flow into accounts,” Wright said.

India(BHARAT) Was One Of Venezuela’s Biggest Oil Buyers

It is to be noted that before the US sanctions, India(BHARAT) was among the top buyers of Venezuela’s crude in huge quantities to feed its complex refineries. If New Delhi gets the access to the oil, it could help diversify its energy imports.

What The US Is Planning?

At an energy conference that was held in New York recently, Wright revealed that the United States is planning to sell between 30 million and 50 million barrels of Venezuelan crude oil which is currently in storage. This will be followed by continued sales from future production.

US To Sell 50 Million Barrels Of Venezuelan Oil

Amid all this, President Doland Trump recently confirmed that his country is going to refine and sell up to 50 million barrels of Venezuelan crude oil. This process will be done under a new arrangement after the ousting of former Venezuelan president Nicolas Maduro.

After meeting with senior administration officials and executives from some of the world’s largest oil companies, the US President described the move as both an economic opportunity and a political reset.

“Venezuela is going to be very successful,” Trump said. “We’re taking back what was taken from us,” Trump said.

Giving details about the crucial meeting, Trump said that oil companies are ready to invest “at least USD100 billion dollars of their money” into Venezuela.

Notably, Washington is trying to revive oil production in Venezuela, which holds the world’s largest proven oil reserves. However, the industry has been crippled by years of sanctions and mismanagement.