Reuters: Indian Reliance Industries aims to purchase oil from Venezuela.
India's largest private company, Reliance Industries, has begun negotiations with the United States regarding the purchase of oil from Venezuela. This was reported by Reuters, citing sources familiar with the details of the discussions.
Ten years ago, the state was already purchasing raw materials from this Latin American country at a volume of 300,000 to 400,000 barrels per day, but after the introduction of American sanctions, India abandoned this direction.
In 2025, after obtaining a license in Washington, Reliance Industries returned to purchases in January-April at a volume of 63,000 barrels per day, but then the White House began to revoke permits again. The situation changed after the U.S. seized Venezuelan President Nicolás Maduro on charges of drug trafficking. Now Washington and Caracas are negotiating the sale of 50 million barrels of oil.
Meanwhile, a source familiar with the position of Indian oil companies told the Financial Times that Reliance Industries finds heavy grades of oil, which Venezuela produces, particularly convenient. The oil refinery complex in Jamnagar is well-suited for working with this type of raw material.
Michael Kugelman, a senior associate for South Asia at the Atlantic Council, pointed out that private Indian energy giants will benefit greatly from such a change in supplier, as they will be able to continue purchasing oil at a discount and avoid the risk of sanctions by ceasing cooperation with Russia.
Previously, Reliance Industries was the largest importer of Russian oil in India; however, after U.S. sanctions against the largest Russian exporters, the company promised to replace its suppliers. Nevertheless, at the end of December, it became known that the company resumed purchases from Russian companies that were not on the sanctions lists.
