India’s Reliance
Industries is seeking approval from the U.S. to resume purchases
of Venezuelan crude, two sources familiar with the matter said
on Friday, as the private refiner looks to secure oil amid
Western pressure on India to cut Russian oil purchases.
Reliance’s representatives are in discussions with the U.S.
State and Treasury departments to obtain the authorization, the
sources said, as Washington and Caracas progress in negotiations
to ship 50 million barrels of oil in the aftermath of the U.S.
capture of President Nicolas Maduro.
The Indian conglomerate had received licenses from
Washington in past years to import crude from U.S.-sanctioned
Venezuela for its refining complex, the world’s largest.
Venezuela’s oil company PDVSA delivered Reliance four crude
cargoes or some 63,000 barrels per day in the first four months
of 2025 under those authorizations, according to PDVSA’s
internal records. Washington suspended most licenses to PDVSA’s
business partners between March and April and threatened
Venezuela’s oil buyers with tariffs as it increased pressure on
Maduro.
Reliance’s last cargo of Venezuelan oil arrived in India in
May 2025.
Reliance said on Thursday that it would consider resuming
purchases of Venezuelan crude if sales to non-U.S. buyers are
permitted under U.S. regulations.
The company and the U.S. Treasury Department did not
immediately respond to Reuters emails requesting comment on
Reliance seeking approval to resume purchases.
Market scramble
Chevron, Vitol, Trafigura and other oil companies are vying
for licenses and control over Venezuelan oil exports. U.S.
President Donald Trump is meeting with oil executives at the
White House later on Friday. The South American producer has
millions of barrels of crude stuck in onshore tanks and vessels.
U.S. officials have said they would control Venezuelan oil
exports indefinitely, and that some oil would flow to non-U.S.
buyers. U.S. President Donald Trump said China, the largest
buyer of Venezuelan oil, will not be deprived of barrels.
Reliance is willing to buy Venezuelan oil from U.S.
companies and others with drilling rights in Venezuela if crude
is offered at attractive rates, said one of the sources.
Russia pressure
Venezuelan oil supplies could help replace some Russian
supplies to India. Reliance was the biggest Indian buyer of
Russian oil but has said it would not receive any cargo of
Russian crude this month as India is under pressure from Trump
to stop importing Russian barrels.
Reliance’s two refineries in western Gujarat state, with a
combined capacity of about 1.4 million bpd of crude oil, allow
it to process cheaper and heavier crudes such as Venezuela’s
Merey.
Reliance and PDVSA have a long-standing relationship, and
India was the third most important market for Venezuela’s crude
before the U.S. imposed sanctions on oil trade, taking some
400,000 bpd.
Published on January 9, 2026
