WASHINGTON, DC – India has been keeping mum while President Donald Trump has been publicly asserting the possibility. Now, reports say, Reliance is indeed going to be buying Venezuelan oil after Washington formally granted the Indian refiner a general license.

The United States has issued a general licence to Reliance Industries Ltd. that allows the operator of the world’s largest refining complex to purchase Venezuelan crude directly without breaching U.S. sanctions on the South American nation’s oil sector, according to Reuters.

Under the license, Reliance, which is close to the Modi government, can directly buy, export, and sell Venezuelan-origin oil that has already been extracted, including refining it, in a significant shift by Washington toward easing the sanctions regime following recent political developments in Venezuela. The move could hasten Caracas’ oil exports and lower feedstock costs for the Indian refiner, which had to halt direct purchases in early 2025 due to sanctions.

Reliance has already picked up around two million barrels of Venezuelan crude from trader Vitol since winning the license, CNBC and industry sources said, as heavy crude from Venezuela typically trades at a discount and could help the company replace some Russian oil in a cost-effective way.

Indian refiners, including Reliance, have also been avoiding Russian oil purchases for April delivery, a move that could smooth New Delhi’s path toward a deeper trade relationship with Washington.

@India-West News Desk