Mukesh Ambani
India’s Reliance Industries is seeking permission from America to buy crude oil from Venezuela again. This is being done so that the oil supply can be secured amid Western pressure to reduce oil imports from Russia.
According to Reuters report, Reliance representatives are in talks with the US State and Treasury Departments. This conversation is taking place at a time when America and Venezuela are moving forward on the issue of sending 50 million barrels of oil after President Nicolas Maduro is taken into American custody.
Reliance Shipment
The company did not immediately respond to Reuters’ email requesting this approval. Earlier, the US had allowed Reliance to source oil from sanctioned Venezuela for its huge refinery plant. According to PDVSA’s internal records, Venezuelan state oil company PDVSA had given four oil shipments to Reliance in the first four months of 2025, equivalent to about 63,000 barrels per day. However, between March and April the US suspended the licenses of several of PDVSA’s partners and threatened to impose tariffs on those buying Venezuelan oil.
Will buy crude oil from Venezuela
Reliance said on Thursday that it would consider buying crude oil from Venezuela again if non-US buyers are allowed under US rules. A U.S. Treasury Department spokesperson said they do not comment on specific licenses or requests, but said the department supports President Donald Trump’s efforts related to Venezuela. Chevron, Vitol, Trafigura and other oil companies are also trying to get licenses related to Venezuelan oil exports. Trump is scheduled to meet executives of oil companies at the White House on Friday. A lot of Venezuelan oil is still trapped in tanks and ships.
Will buy oil for a long time
US officials say they will keep Venezuelan oil exports under control for a long time and some oil will also be given to non-US buyers. Trump has clearly said that China will not be completely deprived of Venezuelan oil. According to a source, if oil is available at a cheaper price, Reliance is ready to buy oil from American companies operating in Venezuela and other sources. With this, India can get Venezuelan oil instead of some oil from Russia.
purchase of Russian oil
Reliance has been the largest Indian buyer of Russian oil, but it has said that it will not buy any crude oil from Russia this month, as the US is pressurizing India to stop importing Russian oil.
Reliance has two refineries on the western coast of Gujarat, whose total capacity is about 14 lakh barrels per day. These refineries can easily process cheap and heavy crude oil from countries like Venezuela. Reliance and PDVSA have a long-standing business relationship. Before US sanctions, India was the third largest buyer of Venezuelan crude oil and imported about 4 lakh barrels of oil per day.
Also read- IPO of Mukesh Ambani’s company will come soon, here are all the details related to the issue.