India's oil imports shift away from Russia after US tariff and toward Venezuela

India has significantly reduced its purchases of Russian oil. The U.S. Treasury Secretary said this change followed a 25% tariff imposed by the U.S. on Russian crude.

At the same time, the U.S. is pitching Venezuelan crude oil to Indian refiners. This comes after Trump announced a U.S. takeover of Venezuela's oil sector, which Indian refiners see as a potential opportunity.