U.S. Ambassador to India Sergio Gor, with U.S. Beneath Secretary of State Jacob Helberg, speaks on the India-U.S. commerce settlement on the sidelines of the AI Affect Summit on February 2026.
| Picture Credit score: ANI
The US is in “lively negotiation” over the sale of Venezuelan oil to India, to assist India diversify its sources of crude oil, U.S. Envoy Sergio Gor mentioned on Friday (February 20, 2026).
The U.S. has made diversification away from Russian crude a situation for reducing tariffs on items imported from Indian, the world’s third-biggest oil importer and shopper.
“The Division of Vitality is talking to the Ministry of Vitality right here, and so we’re hoping to have some information of that very quickly,” Mr. Gor instructed reporters on the sidelines of an occasion in New Delhi the place India joined the U.S.-led Pax Silica initiative aimed toward constructing a silicon provide chain for high-tech merchandise.
U.S. President Donald Trump this month agreed to chop tariffs on Indian items to 18% below an interim commerce deal. He additionally eliminated a 25% punitive levy after India agreed to finish the acquisition of Russian oil, which the U.S. mentioned helps fund Russia’s invasion of Ukraine.
He mentioned India would purchase extra oil from the U.S. and probably Venezuela.
Are Indian companies intent on transferring to Venezuelan oil? | Defined
A remaining commerce cope with India might be signed “before later” as a “few tweaking factors” are required, Mr. Gor mentioned, including Mr. Trump has been invited to India by Prime Minister Narendra Modi.
The interim commerce deal is ready to develop into efficient in April and the U.S. is more likely to problem a proper notification this month to cut back its tariff on Indian items to 18%, Commerce Minister Piyush Goyal, mentioned on Friday (February 20, 2026).
The U.S. and allies imposed sanctions on Russia’s power sector following Russia’s 2022 invasion. India then turned the highest buyer for Russian seaborne crude which it purchased at rock-bottom costs, to the consternation of Western nations.
“On the oil, there’s an settlement… We’ve got seen India diversify on their oil. There’s a dedication. That is not about India. The US doesn’t need anybody shopping for Russian oil,” Mr. Gor mentioned.
The U.S. had pitched the sale of Venezuelan oil to India to assist exchange Russian oil imports, Reuters reported final month.
It granted licenses to buying and selling homes Vitol and Trafigura to market and promote hundreds of thousands of barrels of Venezuelan oil after capturing Venezuelan president Nicolas Maduro final month and reaching a provide settlement with interim president Delcy Rodriguez.
State-run Indian Oil Corp, Hindustan Petroleum and Bharat Petroleum in addition to private-sector refiners Reliance Industries and HPCL-Mittal Vitality have ordered Venezuelan oil, Reuters has reported.
Printed – February 20, 2026 04:31 pm IST