India to stop buying Russian crude, will buy from US, even Venezuela: Trump, Pg9

Key Highlights:

• US President Donald Trump announced that India agreed to stop buying Russian crude oil following discussions with Prime Minister Narendra Modi.
• India will increase oil imports from the US and potentially Venezuela, with the US aiming to sell over $500 billion in energy, technology, and agricultural products to India.
• India's Russian oil imports decreased to 1.16 million bpd in January 2026 from a peak of 2.09 million bpd in June 2025 due to US sanctions on Russian oil producers.
• Venezuela was India's fifth-largest oil supplier in 2019, providing close to 16 million tonnes of crude before US sanctions halted imports.

Detailed Insights:

• India's increased Russian crude oil imports after the February 2024 invasion of Ukraine became a point of friction with the US, leading to additional tariffs on Indian goods.
• US sanctions against Russian oil firms Rosneft and Lukoil contributed to the decline in India's Russian oil imports, which had peaked in June 2025.
• India can increase oil imports from the US if prices are competitive, but the higher shipping costs from the US compared to West Asia need to be considered.
• LNG imports from the US are more straightforward due to the discounted price of American gas compared to suppliers like Qatar, offsetting higher transportation costs.
• Venezuelan crude oil presents a diversification opportunity for India, potentially increasing its negotiating power with traditional West Asian oil suppliers.
• Indian refineries are accustomed to processing crude from West Asia and Russia but can adapt to US and Venezuelan crude grades with operational adjustments.

Key Concepts Involved:

• Crude Oil: Unrefined petroleum, a key energy source, traded globally.
• Sanctions: Economic penalties imposed by a country on another, restricting trade.
• LNG (Liquefied Natural Gas): Natural gas converted to liquid form for easier transport.