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Ahead of the Union Budget 2026 announcement today, US President Donald Trump made a big claim, saying India will buy Venezuelan oil instead of purchasing oil from Iran.

Trump also said on Saturday that China would be welcome to enter into a similar arrangement with the United States to buy Venezuelan oil.

"China is welcome to come in and make a great deal on oil... We've already made a deal. India is coming in, and they're going to be buying Venezuelan oil as opposed to buying it from Iran. So, we've already made the concept of the deal," Trump told reporters aboard Air Force One while travelling from Washington, D.C., to Florida.

#WATCH | US President Donald J Trump says, "China is welcome to come in and make a great deal on oil... We've already made a deal. India is coming in, and they're going to be buying Venezuelan oil as opposed to buying it from Iran. So, we've already made the concept of the… pic.twitter.com/PlVfDHys9S

— ANI (@ANI) February 1, 2026

There was no immediate reaction from New Delhi to Trump's claim.

The remarks came a day after the United States indicated to New Delhi that it could soon resume purchases of Venezuelan oil to offset reduced imports of Russian crude, according to a report by Reuters. 

Trump has asserted that the United States has taken control of Venezuela following a military operation that resulted in the capture of former President Nicolás Maduro in January. He has also publicly stated that Washington will oversee the country’s governance and oil resources until a transition can be arranged, framing the intervention as part of a broader strategic effort.

In related developments, a fleet of 18 ships loaded with crude oil bound for refineries in Texas, Louisiana and Mississippi sailed in January, the largest such movement since December 2024, according to a report by Bloomberg.

Washington’s push to redirect Venezuelan oil supplies to India is part of a broader effort to curb revenues that Russia earns from energy exports amid its ongoing war in Ukraine.

In March last year, Trump imposed 25 per cent tariffs on countries purchasing Venezuelan oil, including India.