Reliance, which operates the world’s largest refining complex, said it is awaiting clarity on whether Venezuelan oil will be accessible to non-US buyers and confirmed it would pursue purchases in a compliant manner once regulatory permission is clear.
The statement follows a significant shift in US–Venezuelan energy dynamics, with Caracas and Washington reaching an agreement this week to export up to $2 billion worth of Venezuelan crude — an estimated 30-50 million barrels — to the United States.
If restrictions are eased for non-US entities, Indian refiners could potentially resume or expand imports of Venezuelan crude, which had largely fallen off India’s crude import list due to previous sanctions and tariff barriers.
Reliance had halted Venezuelan oil purchases in March 2025 after the US imposed a 25% tariff on crude imports from Venezuela, with its last shipment received in May 2025.
The company operates two large refinery complexes in Gujarat with a combined capacity of about 1.4 million barrels per day, facilities well-suited to process heavier crude grades such as Venezuela’s Merey blend.
Other Indian refiners, including Indian Oil Corporation (IOC) and Hindustan Petroleum Corp (HPCL), are also expected to evaluate Venezuelan crude imports if non-US entities are permitted to participate in such transactions.Analysts say that the return of Venezuelan barrels to global markets could come at discounted prices, enhancing feedstock optionality and potentially improving refining margins for compatible refiners.
Additionally, Venezuelan crude may present a politically safer alternative to Russian oil, especially amid rising scrutiny of Russian energy trade linked to the war in Ukraine. Recent developments have seen Reliance pause Russian oil deliveries in January, potentially marking a sharp reduction in its Russian crude intake this month.
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