Following Russia’s comprehensive incursion into Ukraine, India emerged as the foremost purchaser of Russian petroleum.
Russian oil / © TSN.ua
To substitute Russian oil imports to that nation, the United States is suggesting the revival of Venezuelan oil sales to India. Consequently, Russia risks forfeiting a significant commodities market, which serves as the principal revenue stream for the aggressor state’s military spending.
Reuters communicates Washington’s objectives, referencing three well-informed individuals.
The agency highlights that American endeavors to deliver Venezuelan oil to India occur amid an aspiration to diminish earnings from Russian oil, which fund Russia’s conflict against Ukraine.
Subsequent to the seizure of Venezuelan leader Nicolas Maduro, Washington initiated steps to oversee the administration in Caracas and intends to exert ongoing control over Venezuela’s petroleum sector.
The informants did not specify whether Venezuelan oil would be vended via external commercial enterprises or directly by PDVSA, Venezuela’s national oil firm.
In the aftermath of Russia’s 2022 invasion of Ukraine, India turned into a substantial acquirer of Russian oil as Western penalties, which diminished its value, were implemented.
India has committed to lessen its acquisition of Russian unrefined petroleum, as Washington also increased levies tied to the activity.
Two informants apprised Reuters that India is arranging to curtail Russian oil imports to below one million barrels each day.
One informant indicated that oil shipments from Russia totaled roughly 1.2 million barrels daily in January, and projections foresee a decline to approximately 1 million barrels per day in February and 800,000 barrels per day in March.
A separate informant stated that these imports are predicted to ultimately recede to about 500,000-600,000 barrels daily, aiding the nation in securing a commerce pact with the United States.
To compensate for decreased Russian oil imports, Indian refineries are presently acquiring greater quantities of petroleum from nations within the Middle East, Africa, and South America.
It is noteworthy that Russia’s income from energy exports in 2025 declined by 20% due to American sanctions, escalating discounts on Urals crude, and reduced global oil valuations.