Archive · 8 Jan 2026
Reliance Awaits Clarity on Venezuelan Oil
Reliance Industries, a big company in India, said they are waiting for clear rules about buying oil from Venezuela.
This is because the United States did something in Venezuela, and Reliance wants to make sure they follow all the rules before buying oil.
Venezuela has a lot of oil, but it doesn't produce as much as it used to.
Reliance and other companies in India have bought oil from Venezuela before, but not as much lately.
They have special refineries that can handle the kind of oil Venezuela has.
Reliance wants to buy oil from Venezuela again if it's allowed.
Reliance Industries awaits clarity on access to Venezuelan crude oil for non-US buyers.
Washington's intervention in Venezuela is unlikely to immediately increase oil production and exports.
Venezuela has the world's largest oil reserves but produced only 0.9 million barrels per day in November 2025.
Indian refiners, including RIL, have historically sourced Venezuelan heavy crude.
Venezuela's share in India's oil import basket has significantly decreased from 6.7% in FY18 to 0.3% in FY26.
- Who
- Reliance Industries Ltd (RIL)
- What
- Awaiting clarity on access to Venezuelan crude oil
- When
- January 8, 2026
- Where
- India
- Why
- To consider buying Venezuelan oil in a compliant manner
- Company
- Reliance Industries Ltd (RIL)
- Venezuelan Oil Reserves
- 303 billion barrels
- Venezuelan Oil Production (November 2025)
- 0.9 million barrels per day
- Venezuelan Oil Share in India's Imports (FY18)
- 6.7%
- Venezuelan Oil Share in India's Imports (FY26)
- 0.3%
- Key Refiners for Venezuelan Crude
- RIL, Nayara Energy, MRPL
- Refinery Locations for Venezuelan Crude
- Jamnagar, Vadinar, Paradip
Sources
Reliance denies report claiming it imports Russian crude oil
China, EU account for over half of Russia’s $1.17 trillion earnings from fossil fuel exports; India’s share at 16.26%: CREA
Awaiting clarity on access to Venezuelan oil, says Reliance Industries
Reliance Industries sets board meeting date to declare Q3 results 2026 — Check details here
Reliance eyes Venezuelan oil comeback after halting imports in 2025: Report
‘It’s the energy greed of North’: Venezuela’s interim president slams US for drugs, democracy falsehoods