India signed a trade deal with the US last week in an agreement to stop procuring oil from its BRICS counterpart, Russia, but purchase Venezuelan oil instead, which is now controlled by America. Trump wrote on Truth Social that Modi has agreed to the deal and will see a shift in energy trades.

The latest report from Reuters shows that BRICS member India has already procured Venezuelan oil, a week after the trade deal. Reliance Industries, which is the country’s largest private oil firm, has ordered 2 million barrels of Venezuelan oil. The 2 million barrels of oil delivery is scheduled for April 2026.

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Reliance Industries received a $6.5 to $7 discount per barrel to ICE Brent, according to sources close to the matter. The US benefits from BRICS member India’s Venezuelan oil purchase as it is now under its control. The US military captured ‌President Nicolas Maduro last month and took control of the oil industry in an agreement.

Delcy Rodriguez was made interim president of the country, and the US now holds a part of the nation’s oil. India was procuring oil from its BRICS counterpart, Russia, and the change to Venezuelan oil is a major shift. Reliance Industries operates the ‍world’s biggest refining complex and is the top-most energy player in India.

BRICS: India Receives Discounts on Venezuelan Oil Purchase

Refineries Vitol and Trafigura were granted US licenses to market and sell millions of barrels of Venezuelan oil to BRICS member India. The discount of around $6.5 to $7 per barrel saved Reliance Industries nearly $14 million from the overall procurement. India had previously saved nearly $7 billion from buying Russian oil since 2022, as the country offered steep discounts due to tariffs. Oil was sold at cheaper rates by Russia to keep its sanctioned economy afloat.