WASHINGTON, DC -The White House is prepared to allow India to buy Venezuelan oil under a new US-controlled framework, according to a senior administration official, signaling a potential reopening of supplies to one of Venezuela’s largest pre-sanctions customers as Washington moves to market the country’s crude globally.

Asked whether the United States was ready and willing to allow India to purchase Venezuelan oil, given India’s large energy needs, an administration official responded positively.

“Yes,” the administration official said, but declined to provide any further information, as the details of selling Venezuelan oil are still being worked out.

Notably, before American sanctions curtailed trade, India was a major buyer of Venezuelan crude, using it to feed complex refineries configured for heavy oil. The possibility of renewed access could help diversify India’s energy imports amid sustained demand growth.

While Venezuela has the world’s largest proven oil reserves, India is among the world’s fastest-growing energy consumers and relies heavily on imports to meet its oil needs.

The official pointed to Energy Secretary Christopher Wright’s comments in a Fox Business interview, indicating that the US would be open to selling Venezuelan oil to “almost all countries.”

In the interview, Wright said, there was strong interest in Venezuelan crude not only from US refiners but also from buyers “in Europe and Asia and all around the world.”  He noted that many US refineries were historically designed to process Venezuelan crude and that demand remained high.

Wright also emphasized that enforcement was central to the approach. Referring to recent seizures of sanctioned oil tankers, he said US actions demonstrated that sanctions and policies would be enforced, not merely announced.

In separate remarks at an energy conference in New York, Wright outlined how the United States plans to market between 30 million and 50 million barrels of Venezuelan oil currently held in storage, followed by ongoing sales of future production.

He said US officials were in active discussions with oil companies that previously operated in Venezuela, as well as those interested in returning, about the conditions needed for investment. “What are the conditions that’ll make capital flow?” he said, calling it an ongoing process involving the US government, Venezuelan authorities, and energy firms. (IANS)

@IW