Reliance Industries has reportedly been forced to search for alternative markets due to sanctions on Russia
India’s top oil refining firm is seeking US approval to resume purchases of Venezuelan crude, Reuters reported on Sunday, citing industry sources.
New Delhi has come under increasing pressure from Washington to quit Russian oil in recent months as the White House has sought to force Moscow to settle in the Ukraine conflict. In August, US President Donald Trump raised tariffs on Indian goods to 50% over its oil trade with Russia.
In a move to secure an alternative market, Reliance Industries is in talks with the US State and Treasury departments to get authorization to buy oil from Venezuela, Reuters wrote, citing two sources familiar with the matter.
Last week, the outlet reported that the private refiner would consider buying Venezuelan crude, provided the fuel is allowed for sale to buyers outside the US.
“We await clarity on access for Venezuelan oil by non-US buyers and will consider buying the oil in a compliant manner,” the outlet cited a spokesperson at Reliance Industries as saying.
The refiner received four shipments from Venezuela’s national oil firm PDVSA in the first quarter of 2025, amounting to around 63,000 barrels of oil per day, according to Reuters.
In the past few years, Reliance received authorization from Washington to purchase crude from the South American nation despite US sanctions. However, starting in March, Washington gradually suspended the licenses amid its campaign to pressure Venezuelan President Nicolas Maduro.
This culminated last week, when US forces bombed Venezuela, kidnapped Maduro and brought him to the US to stand trial on narco-trafficking conspiracy allegations – charges he has denied. The Venezuelan leader has maintained that Washington is after his country’s vast resources, including the world’s largest reserves of oil.
President Donald Trump has demanded “total access” to the South American nation’s crude. Following reported talks between Washington and Caracas, Treasury Secretary Scott Bessent announced that some US sanctions on Venezuelan oil exports could be lifted in the coming days.
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