The United States has encouraged India to resume purchasing oil from Venezuela in a bid to reduce its dependence on Russian crude. This move follows Washington's imposition of higher tariffs on Indian goods linked to Russian oil imports, prompting India to diversify its energy sources. Recent diplomatic engagement between India and Venezuela has paved the way for increased cooperation, especially after Venezuela opened its hydrocarbons sector to private investment. As India scales back Russian oil imports, it is expected to increase purchases from Middle Eastern, African, and South American producers, aligning with United States efforts to curb Russian oil revenues.
image sourced from original article at https://timesofindia.indiatimes.com/business/india-business/india-to-buy-oil-from-venezuela-instead-of-russia-us-pitch-to-counter-25-tariffs/articleshow/127813250.cmsOriginal article source: https://timesofindia.indiatimes.com/business/india-business/india-to-buy-oil-from-venezuela-instead-of-russia-us-pitch-to-counter-25-tariffs/articleshow/127813250.cms
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