India’s Reliance in talks with US for permit to buy Venezuelan oil

NEW DELHI: Indian energy giant Reliance Industries is in discussions with the US State and Treasury departments to secure permission to resume purchases of Venezuelan crude oil, sources told Reuters, as the company explores alternative oil supplies amid a shifting global energy landscape and Western pressure to cut Russian oil imports.

According to sources, Reliance — which operates the world’s largest refining complex in Gujarat — previously imported Venezuelan crude under U.S. licences early in 2025, receiving about 63,000 barrels per day before those licences were suspended amid tightening sanctions on Venezuela’s state oil company PDVSA.

The company’s representatives are said to be seeking authorisation to resume crude imports, even as Washington and Caracas progress in negotiations over Venezuelan oil exports after recent geopolitical developments involving the capture of Venezuelan President Nicolás Maduro by U.S. forces.

Reliance has said it would consider buying Venezuelan oil again if sales to non‑U.S. buyers are permitted under U.S. regulations, signalling readiness to capitalise on any shift in policy that opens up supplies beyond U.S. refineries.

Industry watchers note that rival trading houses such as Vitol and Trafigura have already secured preliminary U.S. licences to begin negotiations over Venezuelan oil imports and exports, highlighting how global companies are positioning themselves amid evolving sanctions and market access talks.

With U.S. pressure pushing India to reduce purchases of Russian oil, Venezuelan crude — especially heavy and discounted grades like the Merey blend — could offer a strategic alternative for refiners such as Reliance, provided regulatory clarity is achieved.