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US Signals Approval for India to Buy Venezuelan Crude Under Controlled Framework
The US has signaled that it may allow India to purchase Venezuelan crude oil under a new framework controlled by Washington. While Venezuela cannot sell oil directly due to sanctions, the US plans to manage and profit from these exports. If approved, the move could help India diversify oil supplies and revive limited trade frozen by sanctions.
“The White House has indicated it is ready to let India buy Venezuelan crude under a new structure that the US will control,” a senior official in the Trump administration told the publication. This means that Venezuela could now be selling oil to India. However, it will be controlled by the US. Venezuela does not sell its oil directly. This was stalled by the sanctions imposed by the US. Chances of it going back to a partial trade freeze have improved.
However, the US will benefit if Venezuela starts exporting their oil to several nations. This is because the US will be selling the Venezuelan oil under their control. In other words, the US gets a share of the benefits.
At present, India is not importing oil from Venezuela. Due to US sanctions, very few countries import oil from Venezuela. Nevertheless, with the US having gained control of Venezuela, it has now resorted to exporting Venezuelan oil to other countries at its will. In this respect, Venezuela might benefit from the removal of sanctions.
