Trump Welcomes China To 'Make A Great Deal' On Venezuelan Oil, Suggests India Is Already 'Coming In'

Benzinga_recent_news02-02 15:30

President Donald Trump has revealed that China could potentially strike a deal with the U.S. to purchase Venezuelan oil. “China is welcome to come in and would make a great deal on oil,” Trump stated...

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According to the Collapse Intelligence Agency, China imports about 2 million barrels per day of asphalt-rich oil through sanctioned routes, including roughly 500,000 bpd from Venezuela, enough to supply over half of China's daily asphalt needs. \nWithout Venezuelan heavy crude as a blending additive, Chinese asphalt quality deteriorates, making it more brittle and short-lived, giving the U.S. strategic leverage by controlling access to a resource China struggles to replace.\nWhile, Trump claimed India would switch to Venezuelan oil from Iranian crude, the Narendra Modi-led country halted Iranian oil imports in 2019 due to U.S. sanctions over Tehran's nuclear program. Indian refiners then turned to U.S. oil, later reduced those purchases, and eventually became the largest buyer of discounted Russian seaborne oil after Western sanctions on Moscow following its 2022 invasion of Ukraine.\nTreasury Secretary Scott Bessent said in January that the extra 25% tariff on Indian goods may be lifted, citing a sharp drop in India's imports of Russian oil.\nMeanwhile, the U.S. eased some sanctions on Venezuela's oil sector, allowing U.S. companies to more easily sell Venezuelan crude.\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2608827855","isCrawlerRequest":true}