Washington, Feb 3 (Reuters): Trump announced the creation of a critical mineral reserve and briefly spoke to reporters in the Oval Office on topics including Iran and the U.S. government funding bill. He did not mention his trade deal with India.

Trump signaled that India could shift some of its oil sourcing from Russia to Venezuela, an option he floated after the U.S. captured Venezuelan President Nicolás Maduro in January.

He framed Venezuelan supply as a U.S.-aligned alternative that would help New Delhi ease Russian imports while maintaining the heavy foreign oil flows its economy depends on.

In March 2025, Trump imposed 25% tariffs on imports from countries buying Venezuelan oil.

Since Maduro's capture, Washington has begun directing the Caracas government and plans to control Venezuela's oil industry indefinitely.

Trump has proposed a $100 billion energy reconstruction plan and has repeatedly said the overhaul will be positive for Venezuela and its people.

Washington and Caracas have already agreed an initial deal to sell 50 million barrels of Venezuelan crude oil, with European trading houses Vitol and Trafigura marketing the supply.

The U.S. government last week lifted some sanctions on Venezuela's oil industry to make it easier for U.S. companies to sell its crude oil.

The S&P 500 closed higher on Monday, lifted by gains in chipmakers and other companies related to artificial intelligence.

It was the index's first gain in three sessions following recent worries about pricey valuations of technology companies whose shares have soared in recent years on optimism about AI.

Photo from Reuters