India's Reliance Industries Ltd, operator of the world's largest refining complex in Jamnagar, on Thursday said that it would consider buying crude oil from Venezuela if it was allowed to sell it to buyers outside the United States.
"We await clarity on access for Venezuelan oil by non-U.S. buyers and will consider buying the oil in a compliant manner," a spokesperson at Reliance Industries said in an emailed response to Reuters' queries.
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When did Reliance stop buying Venezuelan oil?
From March 2025, Reliance stopped buying oil from Venezuela after US President Donald Trump levied a 25 per cent tariff on nations buying crude oil from the South American producer. It was in May 2025 that Reliance last received oil from Venezuela.
These statements by Reliance hint towards a conditional openness to Venezuelan oil supplies. Till now, due to sanctions by the US, the free sale of Venezuelan oil in global markets was restricted. Reliance, however, did not specify the volume or timeline, but clarified that any future purchases will take place only if the regulatory framework would allow it and in compliance with international curbs.
Reliance runs its refining complex in Gujarat's Jamnagar, which is touted to be the world's largest. The company sources different types of crude oil with an aim to optimise its refinery operations. Venezuelan oil, usually heavy and sour, is suitable for such complex refineries that are equipped to process these oil grades with the only condition being allowance as per commercial and legal conditions.
Venezuela boasts of some of the world's biggest proven oil reserves. However, sanctions, underinvestment and operational problems in recent years has highly affected its production and export. Any clarity and easing in the rules that allows non-US buyers to sell the oil, could reignite interest of Asian refiners, especially for the fast-growing oil market of India.
There was no statement from Reliance on whether it is currently in talks with Venezuela over the issue.
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Recent developments revive interest
Reportedly, Caracas and Washington have agreed to export up to 30-50 million barrels of Venezuelan crude oil to the US. Valued at around $2 billion, this could potentially mark a beginning for Venezuela to re-enter the global markets.
Other refineries in line
The Indian Oil Corp and Hindustan Petroleum Corp will also consider buying oil from Venezuela if sales to non-US buyers were permitted, said industry sources.
