US Ambassador to India Sergio Gore speaks with US Under Secretary of State Jacob Helberg on the India-US trade agreement as part of the AI Impact Summit in February 2026. | Photo credit: ANI
The United States is in “active discussions” on selling Venezuelan oil to India to help India expand its crude oil reserves, US Ambassador Sergio Gore said on Friday (Feb 20, 2026).
The US has diversified away from Russian crude to reduce tariffs on imports from India, the world’s third-largest oil importer and consumer.
“The Energy Department is talking to the Energy Ministry here, so we hope to have some news on that soon,” said Mr. Gore told reporters at an event in New Delhi, where India has joined the US-led Pax Silica initiative, which aims to build a silicon supply chain for high-tech products.
US President Donald Trump this month agreed to cut tariffs on Indian goods to 18% under an interim trade deal. He also removed the 25% penalty after India agreed to stop buying Russian oil, which the US said was funding Russia’s attack on Ukraine.
He said that India will buy more oil from America and Venezuela.
Are Indian firms planning to move to Venezuelan oil? | Explained
A final trade deal with India will be signed “soon” as “some tweaking points” are needed, Mr Gore said, adding that Mr Trump was invited to India by Prime Minister Narendra Modi.
Commerce Minister Piyush Goyal said on Friday (Feb 20, 2026) that the interim trade deal will come into effect in April and the US may issue a formal notification this month to reduce tariffs on Indian goods to 18%.
The US and allies have imposed sanctions on Russia’s energy sector following Russia’s 2022 attack. To the consternation of the West, India has become the top customer of Russian offshore crude.
“On oil, there’s an agreement… ‘We’ve seen India look at diversifying their oil. There’s a commitment. It’s not about India. The United States doesn’t want anybody buying Russian oil,'” Mr Gore said.
The US has pitched to sell Venezuelan oil to India to help replace Russian oil imports. Reuters Reported last month.
It granted licenses to trading houses Vitol and Trafigura to market and sell millions in Venezuelan oil after ousting Venezuelan President Nicolas Maduro last month and striking a supply deal with interim President Delsy Rodriguez.
State-run Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum as well as private sector refiners Reliance Industries and HPCL-Mittal Energy have ordered Venezuelan oil. Reuters reported.
Published – February 20, 2026 04:31 pm IST
