Washington in ‘active negotiation’ over sale of Venezuelan oil to India, says US envoy
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United States Ambassador to India Sergio Gor on Friday said that Washington is in “active negotiation” over the sale of Venezuelan oil to New Delhi, Reuters reported. He said that the import of Venezuelan oil will help India diversify its sources of crude oil.
“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 news agency quoted Gor as saying on the sidelines of an event in New Delhi where India joined Pax Silica, a US-led group to coordinate supply chains for semiconductors, artificial intelligence and critical minerals.
The US has been urging India to diversify its oil imports away from Russia as a condition for cutting tariffs.
On February 2, India and the US had agreed on a framework for an interim trade agreement. Under the agreement, US tariffs on Indian goods would be reduced to 18% from the combined rate of 50%.
At the time, US President Trump had said that India would buy more oil from the US and potentially Venezuela, Reuters reported.
Earlier, Indian goods had been facing a combined US tariff rate of 50%, including a punitive levy of 25% imposed in August.
The punitive tariffs were introduced as part of Trump’s pressure campaign against countries buying discounted oil from...