US ready to give India access to Venezuelan oil: White House
Washington, Jan 9 : The White House is prepared to allow India to buy Venezuelan oil under a new US-controlled framework, according to a senior administration official, signaling a potential reopening of supplies to one of Venezuela’s largest pre-sanctions customers as Washington moves to market the country’s crude globally.
Asked whether the United States was ready and willing to allow India to purchase Venezuelan oil, given India’s large energy needs, an administration official responded positively.
“Yes,” the administration official told IANS, but declined to provide any further information, as the details of selling Venezuelan oil are still being worked out.
The official pointed to Energy Secretary Christopher Wright's comments in a Fox Business interview, indicating that the US would be open to selling Venezuelan oil to “almost all countries.”
In an interview with Fox Business, Wright said the United States is allowing Venezuelan oil to flow again, but under a structure in which sales are marketed by the US government, and proceeds are placed into accounts controlled by Washington.
“So that oil, we’re allowing it to flow. Again, it’s marketed by the United States government. The money’s gonna flow into accounts,” he said, adding that funds would then be directed back to Venezuela in a way that “benefits the Venezuelan people, not corruption, not the regime”.
Wright said there was strong interest in Venezuelan crude not only from US refiners but also from buyers “in Europe and Asia and all around the world,” underscoring the administration’s position that sales would not be limited to a narrow set of countries.
He noted that many US refineries were historically designed to process Venezuelan crude and said demand remained high.
The Energy Secretary framed the policy as part of a broader effort by President Donald Trump to enforce sanctions while reshaping Venezuela’s oil sector. “You can sell oil together with the United States, or you can not sell oil,” Wright said, describing US control over oil flows and revenues as leverage to end what he called criminal activity and destabilizing behavior linked to Venezuela’s previous leadership.
Wright also emphasized that enforcement was central to the approach. Referring to recent seizures of sanctioned oil tankers, Wright said US actions demonstrated that sanctions and policies would be enforced, not merely announced.
“Only legitimate and lawful energy commerce, as determined by the US, will be permitted,” he said in response to a question about US military actions against vessels carrying Venezuelan oil outside the new framework.
In separate remarks delivered at an energy conference in New York, Wright outlined how the United States plans to market between 30 million and 50 million barrels of Venezuelan oil currently held in storage, followed by ongoing sales of future production.
“We’re gonna get that crude moving again and sell it,” he said, adding that the United States would also supply diluent and enable imports of parts and equipment to stabilize and then grow production.
He said US officials were in active discussions with oil companies that previously operated in Venezuela, as well as those interested in returning, about the conditions needed for investment. “What are the conditions that’ll make capital flow?” Wright said, calling it an ongoing process involving the US government, Venezuelan authorities, and energy firms.
Notably, before American sanctions curtailed trade, India was a major buyer of Venezuelan crude, using it to feed complex refineries configured for heavy oil. The possibility of renewed access could help diversify India’s energy imports amid sustained demand growth.
While Venezuela has the world’s largest proven oil reserves, India is among the world’s fastest-growing energy consumers and relies heavily on imports to meet its oil needs.
Asked whether the United States was ready and willing to allow India to purchase Venezuelan oil, given India’s large energy needs, an administration official responded positively.
“Yes,” the administration official told IANS, but declined to provide any further information, as the details of selling Venezuelan oil are still being worked out.
The official pointed to Energy Secretary Christopher Wright's comments in a Fox Business interview, indicating that the US would be open to selling Venezuelan oil to “almost all countries.”
In an interview with Fox Business, Wright said the United States is allowing Venezuelan oil to flow again, but under a structure in which sales are marketed by the US government, and proceeds are placed into accounts controlled by Washington.
“So that oil, we’re allowing it to flow. Again, it’s marketed by the United States government. The money’s gonna flow into accounts,” he said, adding that funds would then be directed back to Venezuela in a way that “benefits the Venezuelan people, not corruption, not the regime”.
Wright said there was strong interest in Venezuelan crude not only from US refiners but also from buyers “in Europe and Asia and all around the world,” underscoring the administration’s position that sales would not be limited to a narrow set of countries.
He noted that many US refineries were historically designed to process Venezuelan crude and said demand remained high.
The Energy Secretary framed the policy as part of a broader effort by President Donald Trump to enforce sanctions while reshaping Venezuela’s oil sector. “You can sell oil together with the United States, or you can not sell oil,” Wright said, describing US control over oil flows and revenues as leverage to end what he called criminal activity and destabilizing behavior linked to Venezuela’s previous leadership.
Wright also emphasized that enforcement was central to the approach. Referring to recent seizures of sanctioned oil tankers, Wright said US actions demonstrated that sanctions and policies would be enforced, not merely announced.
“Only legitimate and lawful energy commerce, as determined by the US, will be permitted,” he said in response to a question about US military actions against vessels carrying Venezuelan oil outside the new framework.
In separate remarks delivered at an energy conference in New York, Wright outlined how the United States plans to market between 30 million and 50 million barrels of Venezuelan oil currently held in storage, followed by ongoing sales of future production.
“We’re gonna get that crude moving again and sell it,” he said, adding that the United States would also supply diluent and enable imports of parts and equipment to stabilize and then grow production.
He said US officials were in active discussions with oil companies that previously operated in Venezuela, as well as those interested in returning, about the conditions needed for investment. “What are the conditions that’ll make capital flow?” Wright said, calling it an ongoing process involving the US government, Venezuelan authorities, and energy firms.
Notably, before American sanctions curtailed trade, India was a major buyer of Venezuelan crude, using it to feed complex refineries configured for heavy oil. The possibility of renewed access could help diversify India’s energy imports amid sustained demand growth.
While Venezuela has the world’s largest proven oil reserves, India is among the world’s fastest-growing energy consumers and relies heavily on imports to meet its oil needs.