India to Buy Venezuelan Oil, Not Iranian Crude: Trump

• US President Donald Trump announced that India will purchase Venezuelan oil instead of Iranian crude.
• Trump also stated that China is welcome to make a deal to buy oil from Venezuela.
• Venezuelan legislators passed a law change to ease foreign company participation in its oil industry.
• The reform, supported by acting President Delcy Rodríguez, opens up the state-controlled Petróleos de Venezuela (PDVSA) sector.
• The policy shift aims to attract American firms and investment to Venezuela's oil industry, which holds the world's largest proven reserves.

Why It Matters: India will shift from Iranian to Venezuelan oil, as Venezuela opens its oil sector to foreign investment.