India’s largest private refiner, Reliance Industries, has been authorized by the United States to buy, export, and sell Venezuelan crude oil, Reuters reported on Friday, citing sources with knowledge of the situation.
Reliance last month applied with the U.S. Treasury’s Office of Foreign Assets Control (OFAC) for a general license to be able buy Venezuelan crude without violating the sanctions, according to Reuters sources.
The license would give India’s top private refiner, which operates the largest refining complex in the world at Jamnagar, access to Venezuelan oil and could boost exports from the world’s biggest oil resource holder.
Reliance Industries has reportedly secured the first Indian purchase of oil from Venezuela since the U.S. took control of Caracas’ oil sales early last month.
Reliance Industries last bought crude from Venezuela in the middle of 2025, under a special waiver from the U.S. Administration from mid-2024.
Last month, Reliance Industries said it would consider buying Venezuelan crude again if sales are permitted to non-U.S. buyers.
The latest purchase signals that India would be taking Venezuelan crude going forward as it looks to replace a lot of Russian supply if it wants to honor the trade deal with the United States. The deal for lower U.S. tariffs on Indian goods is conditional upon India slashing its imports of Russian crude.
Before the U.S. sanctions on Russia’s top producers Rosneft and Lukoil, Reliance Industries of Indian billionaire Mukesh Ambani was the biggest buyer of Russian crude oil, importing more than 500,000 barrels per day (bpd) thanks to a long-term deal with Rosneft.
In light of the trade deal with the U.S., India’s government has reportedly asked refiners to consider buying more crude cargoes from the U.S. and Venezuela on the spot market as Indian oil purchases are under scrutiny.
So far this year, Indian refiners have boosted purchases of West Africa and the Middle East crudes to replace lost Russian supply.
By Tsvetana Paraskova for Oilprice.com
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