India Seeks US Approval for Iranian Oil to Offset Russian Import Cuts

India, which imports nearly 90% of its oil, has urged the Trump administration to allow it to purchase Iranian and Venezuelan crude oil as alternatives to discounted Russian oil amid U.S. sanctions. Indian officials emphasized that reducing imports from Russia without access to Iranian and Venezuelan oil could lead to a spike in global oil prices. Despite U.S. tariffs imposed as punishment for its Russian oil trade, India continues to import discounted Russian crude, which helps lower its oil import bill. Indian Commerce Minister Piyush Goyal stated that the country aims to increase its purchases of U.S. oil and gas, integrating American energy into its security goals. India halted Iranian oil imports in 2019 and Venezuelan imports this year due to U.S. pressure, but alternatives from the Middle East and U.S. are more expensive, making cheaper Iranian or Venezuelan oil desirable to maintain cost efficiency. India remains the largest seaborne buyer of Russian crude despite sanctions, while China leads in total volume including pipeline deliveries.