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US President Donald Trump has announced a 25% extra tariff on oil and gas buying countries from Venezuela. The tariff will be applicable from April 2. According to Trump, its aim is to punish Venezuela.
Trump said, “Venezuela deliberately and deceptionly sends criminals and violent gang members to the US, including terrorist organizations such as Train de Aragua. Will send these criminals back.
This decision may affect India’s energy strategy. Indian refineries recently started buying oil from Venezuela.
In 2024, India imported 2.2 million barrels of oil from Venezuela. This was just 1.5% of India’s total oil imports. In July-2024, the US allowed Reliance to import oil from Venezuela.