7 months ago
Reliance Seeks US Approval for Venezuelan Oil Purchases
Reliance Industries, a big company in India, wants to buy oil from Venezuela again.
They need permission from the U.S. government to do this.
The U.S. has rules about buying oil from Venezuela.
Reliance used to buy oil from Venezuela before, but the U.S. stopped most of these sales.
Now, they are talking to the U.S. to start buying again.
The U.S. says it is ready to allow India to buy Venezuelan oil under a framework that is still being finalized.
The U.S. wants to sell up to 50 million barrels of Venezuelan crude under a new arrangement.
The U.S. also wants big oil companies to invest in Venezuela to expand its oil production.
Reliance has big oil refineries that can use the kind of oil Venezuela sells.
They used to be one of the biggest buyers of Venezuelan oil before the U.S. made rules about it.
The U.S. is also putting pressure on countries like India, China, and Brazil to stop buying Russian oil.
Reliance Industries is seeking U.S. approval to resume purchasing Venezuelan crude oil.
Discussions are ongoing with the U.S. State and Treasury Departments for authorization.
Reliance previously bought four cargoes of Venezuelan oil in early 2025 under past licenses.
The U.S. suspended most licenses to PDVSA's business partners between March and April 2025.
Reliance is considering resuming purchases if sales to non-U.S. buyers are permitted under U.S. regulations.
- Who
- Reliance Industries, U.S. State and Treasury Departments, Venezuelan oil company PDVSA, U.S. President Donald Trump, Oil companies (Chevron, Vitol, Trafigura, Exxon Mobil, ConocoPhillips)
- What
- Seeking U.S. approval to resume purchases of Venezuelan crude oil
- Where
- India and the U.S.
- When
- Discussions ongoing, last purchase in May 2025, meeting at the White House on Friday
- Why
- To secure oil supplies amid Western pressure on Russian oil purchases and potential replacement for Russian crude, and to benefit the Venezuelan people, not corruption, not the regime
Key facts
- Company
- Reliance Industries
- Country
- India
- Product
- Venezuelan Crude Oil
- U.S. Departments Involved
- State and Treasury
- Previous Purchases
- 4 cargoes in early 2025
- Refinery Capacity
- 1.4 million barrels per day
- Previous Market Rank
- Third largest buyer of Venezuelan crude
- Sanctioned Country
- Venezuela
- U.S. President
- Donald Trump
- Oil Companies Involved
- Chevron, Vitol, Trafigura, Exxon Mobil, ConocoPhillips
Timeline
Reliance's Russian oil permit expires.
Alternatives sought.
U.S. approval targeted for Venezuelan crude.
Rosneft deal ends, Venezuela next.
Reliance pursues U.S. nod for Venezuelan oil.
Quotes
Randhir Jaiswal
Ministry of External Affairs spokesperson
“We are aware of the Russia Sanctions Act and are focussing on developments around it. India would be guided by the global market dynamics and its requirement of affordable energy for our 1.4 billion people through diverse sources to meet their energy security needs.”
financialexpress.com
“On several occasions we have been close to a deal. We remain interested in a mutually beneficial trade deal between two complementary economies and look forward to concluding it.”
financialexpress.com
Howard Lutnick
US Commerce Secretary
“I set the deal up. But you had to have Modi call President Trump. India was uncomfortable with it. So Modi didn’t call.”
financialexpress.com
Sources
Can Trump make Venezuela an oil giant again?
Venezuelan oil to India? US says it’s ready, but deal framework remains unfinished
Trump’s Venezuela Oil Push Risks Squeezing US Producers
Higher US tariff to have minimal impact on Indian IT industry
Trump Urges US Oil Giants To Invest $100 Billion In Venezuela
Reliance Industries seeks US permit to purchase Venezuelan oil amid global supply pressures - Telegraph India
India’s dismisses Lutnick claim on reasons for no trade deal till date
Reliance seeks US nod to resume Venezuelan crude amid Russia oil pressure
