The United
States has issued a ​general licence to India’s Reliance
Industries Ltd that will ⁠allow the refiner to buy
Venezuelan oil directly without violating sanctions, two sources
familiar with the matter said.

Following the US capture of Venezuelan President ‌Nicolas
Maduro earlier this month, US officials said Washington would
ease sanctions imposed on Venezuela’s energy industry to
facilitate a $2 ‌billion oil supply deal between Caracas and
Washington and an ‌ambitious $100 ⁠billion reconstruction plan for
the country’s oil industry.

A general ⁠licence authorises the purchase, exportation and
sale of Venezuelan-origin oil that has already been extracted,
including the refining of such oil.

Handing a licence to Reliance could ​speed up Venezuela’s oil
exports and ‌reduce crude costs for the operator of the world’s
biggest refining complex.

Reliance, which applied for the licence in early January,
did not respond to an email request for comment. The ‌US Office
of Foreign Assets Control did not immediately respond ​outside of
regular business hours.

VENEZUELAN OIL TO REPLACE RUSSIAN SUPPLY

Earlier this month, Reliance bought 2 million barrels ⁠of
Venezuelan oil from trader Vitol, which was granted, along with
Trafigura, US licences to market and sell millions of barrels
of Venezuelan ‌oil after Maduro’s capture.

Direct purchase of Venezuelan oil will help Reliance replace
Russian oil in a cost-effective way, as heavy crude from Caracas
is sold at a discount, said one of the sources.

President Donald Trump earlier this month removed a 25 per cent
punitive tariff on India and said New Delhi would buy more ‌oil
from the US and potentially Venezuela.
Indian refiners, including Reliance, are avoiding Russian ​oil
purchases for delivery in April and are expected to stay away
from such trades for longer, refining ⁠and trade sources said, a
move that could help New Delhi seal ⁠a trade pact with
Washington.

The conglomerate used to be a regular buyer of Venezuelan
oil for its advanced refining ‌complex, but had to stop purchases
in early 2025 due to US sanctions. Reliance operates two
refineries with a combined capacity ​of about 1.4 million barrels
per day.

Published on February 13, 2026



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