India's Reliance Industries Considers Venezuelan Oil Purchases

Reliance Industries Ltd, known for operating the world's largest refining complex, announced on Thursday its willingness to explore the possibility of purchasing Venezuelan oil, contingent upon the authorization for non-US buyers to engage in such transactions. A spokesperson for Reliance indicated that the company is awaiting further clarification regarding the accessibility of Venezuelan oil for non-US buyers and expressed a commitment to consider acquisitions in a manner that adheres to regulatory requirements. This statement followed inquiries from Reuters regarding the company's stance on Venezuelan crude. Recent developments between Caracas and Washington have led to an agreement allowing the export of up to $2 billion worth of Venezuelan crude, estimated at approximately 30 to 50 million barrels, to the United States. This agreement comes in the wake of significant political events, including the capture of President Nicolas Maduro by US forces on January 3. Reliance Industries had previously halted its purchases of Venezuelan oil in March 2026, following the imposition of a 25 percent tariff by the United States on countries importing crude from Venezuela. The last shipment of Venezuelan oil received by Reliance occurred in May of that year. The company operates two refineries located in the western state of Gujarat, which possess a combined capacity to process around 1.4 million barrels of crude oil daily. The sophisticated design of these refineries enables them to efficiently process heavier and more economical crude varieties, such as Merey from Venezuela.

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