Reliance Industries May Resume Buying Venezuelan Oil: What Has Changed?

New Delhi: Mukesh Ambani’s Reliance Industries Limited (RIL) is considering buying crude oil from Venezuela once again. The company, which operates the world’s largest refining complex, said it would explore purchasing Venezuelan oil if sales to non-U.S. buyers are permitted.

A Reliance spokesperson, responding via email to Reuters, said:
“We are waiting for clarity on access to Venezuelan oil for non-U.S. buyers and will consider purchasing it in compliance with regulations.”

The shift comes after Caracas and Washington recently struck a deal following the arrest of Venezuelan President Nicolás Maduro by the U.S. military. Under this agreement, the U.S. is authorized to export up to $2 billion worth of Venezuelan crude (roughly 30–50 million barrels).

Why Reliance Had Stopped Buying Venezuelan Oil

Reliance halted Venezuelan oil imports in March 2025 after the U.S. imposed a 25% tariff on crude purchases from the South American nation. The company received its last shipment in May 2025. With the recent U.S.-Venezuela deal, the situation has changed: U.S. entities now control Venezuelan oil exports, making purchases by companies like Reliance feasible again.

Reliance’s Refining Advantage

Reliance’s two refineries in Gujarat have a combined crude processing capacity of about 1.4 million barrels per day. Their complex setup allows them to process Venezuela’s heavy crude efficiently. This is advantageous for Reliance, as using heavy crude can help lower production costs.

Shift Away from Russian Oil

Reliance has also significantly reduced crude imports from Russia. The company recently confirmed that no shipments from Russia are expected in January 2026. Reliance, previously India’s largest buyer of Russian crude, clarified that recent media reports suggesting Russian oil was en route to its Jamnagar refinery were incorrect.

With these developments, Reliance appears ready to diversify its crude sources, leveraging its refining capacity and favorable changes in the global oil trade.