U.S. President Donald Trump stated on Saturday that India will begin buying Venezuelan oil instead of importing from Iran, following Delhi's decision to reduce Russian energy imports.

"They're going to be buying Venezuelan oil as opposed to buying it from Iran," Trump told reporters aboard Air Force One. "We've already made that deal – the concept of the deal."

The statement confirms earlier reports that the U.S. informed Delhi it could soon resume Venezuelan oil purchases. In March 2025, Trump imposed a 25 percent tariff on countries importing oil from Venezuela, including India. Following the U.S. military action on January 3, in which Venezuelan President Nicolas Maduro was forcibly seized, Washington has begun asserting control over Venezuela's oil industry.

"We're getting along very well with the leadership of Venezuela," Trump said on Saturday, reaffirming that the U.S. will take a share of Venezuelan oil profits. "We're going to be selling a lot of oil; we'll take some, and they'll take a lot."

Washington has worked to squeeze Russia's oil revenue since the country launched its war on Ukraine. India, previously a top buyer of Russian crude, has been seeking alternatives due to tightening Western sanctions. India's Minister of Petroleum and Natural Gas Hardeep Singh Puri noted on January 23 that supplies from the "one source" that surged after February 2022 are now easing.

India's imports of discounted Russian oil spiked following the start of Russia's war on Ukraine in February 2022. In August 2025, Trump imposed a punitive 25 percent tariff on Indian goods – bringing total duties as high as 50 percent – due to the country's purchase of Russian oil.

(With inputs from agencies)