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Trump Says India Will Buy Oil from Venezuela, Not Iran

Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)
Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)
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Trump Says India Will Buy Oil from Venezuela, Not Iran

Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)
Oil rigs are pictured in Cabimas, south of Lake Maracaibo, Zulia State, Venezuela, on January 31, 2026. (Photo by Maryorin Mendez / AFP)

US President Donald Trump on Saturday said India will buy Venezuelan oil, as opposed to purchasing oil from Iran.

"We've already made that deal, the concept of the deal," Trump told reporters aboard Air Force One as he traveled to his vacation home in Florida from Washington.

Reuters reported on Friday that the United States has told Delhi it could soon resume purchases of Venezuelan oil to help replace imports ‌of Russian oil, ‌citing three people familiar with the ‌matter.

India ⁠has not ‌been importing significant amounts of Iranian oil due to US sanctions, but became a major buyer of Russian oil after Russia's invasion of Ukraine in 2022 triggered Western sanctions that drove down its price.

Trump in August doubled duties on imports from India to 50% to pressure New ⁠Delhi to stop buying Russian oil, and earlier this month said ‌the rate could rise again if ‍it did not curb ‍its purchases.

However, Treasury Secretary Scott Bessent signaled in January that ‍the additional 25% tariff on Indian goods could be removed, given what he called a sharp reduction in Indian imports of Russian oil.

Trump in March 2025 also imposed a 25% tariff on countries buying Venezuelan oil, including India. The US government this week lifted some ⁠sanctions on Venezuela's oil industry to make it easier for US companies to sell its crude oil.

Trump's comments on Saturday appeared to reflect continued improvement in US-India relations, which have been tense throughout the past year.

Trump also said China could make a deal with the US to buy Venezuelan oil.

"China is welcome to come in and would make a great deal on oil," Trump said, without providing any details.

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Most Gulf Markets Gain on Iran Deal

Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
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Most Gulf Markets Gain on Iran Deal

Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS
Traders wait at the Bahrain Bourse in Manama_ Bahrain_ November 8_ 2020. REUTERS

Most ‌Gulf equities rose in early trade on Monday after the US and Iran announced a preliminary deal to end the war and restore traffic through the Strait of Hormuz.

Pakistan's prime minister said the two countries ‌are expected to ‌sign a memorandum ‌of ⁠understanding in Switzerland ⁠on Friday, following mediation by Islamabad.

Trump said on Sunday the waterway would reopen "toll free" and that the US blockade of Iranian ⁠ports would be lifted, while ‌Iran's ‌Mehr news agency reported the ‌draft deal envisages reopening it ‌within 30 days under Iranian arrangements.

Saudi Arabia's benchmark index gained 0.5%, with the country's biggest ‌lender by assets, Saudi National Bank.

However, oil giant ⁠Saudi ⁠Aramco slipped 1.1%.

Brent crude futures fell $3.65, or 4.2%, to $83.68 a barrel by 0630 GMT.

Qatar's benchmark index advanced 1%, with Qatar National Bank, the region's largest lender, jumped 1.9%.

UAE bourses were closed for a public holiday.

Business

Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
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Musk Says SpaceX Could Bring $1 Trillion in Revenue by 2030

Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid
Founder, CEO, Chairman, and Chief Engineer of SpaceX, Elon Musk, speaks via videolink on the day of SpaceX's initial public offering (IPO) at the Nasdaq MarketSite in New York City, US, June 12, 2026. REUTERS/Brendan McDermid

Elon ‌Musk said on Sunday that his rocket company, SpaceX, could bring in $1 trillion in revenue by 2030, making the statement two days after the company went public, valuing it at over $2 trillion.

"And I would be surprised if revenue ‌is not greater ‌than $1T in 2031," he ‌wrote ⁠on his social ⁠media platform X, replying to journalist and financial commentator Jon Erlichman.

SpaceX on Friday became the sixth-largest US firm, cementing Musk's status as the ⁠world's first trillionaire.

However, the ‌company ‌still makes far less money than similarly ‌valued tech giants like ‌Broadcom and Amazon.com.

In 2025, SpaceX's revenue jumped to $18.67 billion from $14.02 billion a year earlier, but the ‌company swung to a net loss of $4.94 billion from ⁠a ⁠profit of $791 million.

Some Wall Street analysts are cautious about the company's growth.

Goldman had estimated that SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion, according to a Wall Street Journal report from earlier this month.

Business

Fitch Affirms China's Credit Rating at 'A'

A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
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Fitch Affirms China's Credit Rating at 'A'

A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)
A woman walks past murals at a shopping center in Beijing on June 13, 2026. (AFP)

Global ratings agency Fitch on Monday affirmed China's long-term sovereign rating at "A" with a stable outlook, citing its large and diversified ‌economy, which supports ‌prospects for solid ‌GDP ⁠growth and the ⁠country's important role in global trade.

China, which faced high US tariff uncertainty last year, should see some relaxation after US President ⁠Donald Trump's visit, Fitch said, ‌even ‌as it warned of weak ‌household confidence weighing on goods ‌consumption.

Data from last month showed China's official manufacturing purchasing managers' index dropping to 50 from ‌50.3 in April, its lowest reading in three months ⁠as ⁠demand weakened. A level below 50 typically signals contraction.

"The energy price shock may pose a challenge, but large crude oil inventories, substantial refining capacity and diversified energy sources should cushion risks," the ratings agency said.