"When US President Donald Trump announced a trade deal with India on Monday this week, he declared that New Delhi would pivot away from Russian energy as part of the agreement. Indian Prime Minister Narendra Modi, Trump said, had promised to stop buying Russian oil, and instead buy crude from the United States and from Venezuela, whose president, Nicolas Maduro, was abducted by US special forces in early January. Since then, the US has effectively taken control of Venezuela's mammoth oil industry."
"In return, Trump dialled down trade tariffs on Indian goods from an overall 50 percent to just 18 percent. Half of that 50 percent tariff was levied last year as punishment for India buying Russian oil, which the White House maintains is financing Russian President Vladimir Putin's war in Ukraine. But since Monday, India has not publicly confirmed that it has committed to either ceasing its purchase of Russian oil or embracing Venezuelan crude, analysts note."
President Trump announced a trade deal asserting New Delhi would pivot away from Russian energy, saying Prime Minister Modi promised to stop buying Russian oil and instead buy US and Venezuelan crude. The United States has effectively taken control of Venezuela's mammoth oil industry following Maduro's abduction by US special forces. Trump reduced trade tariffs on Indian goods from 50 percent to 18 percent, noting half the previous tariff targeted purchases of Russian oil believed to finance Putin's war. India has not publicly confirmed any commitment, and the Kremlin reports no indication. Market shocks, costs, geography, and oil characteristics will complicate any sourcing switch.
Read at www.aljazeera.com
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