Reliance wins US licence to buy Venezuelan oil directly
India’s Reliance Industries Ltd has been granted a general licence by the United States that lets the oil refiner purchase Venezuelan crude directly without breaching US sanctions, easing a key barrier to resuming such imports, according to sources familiar with the matter.
The general licence permits the purchase, export and refining of Venezuelan-origin oil that has already been extracted, potentially speeding up exports from Venezuela and lowering crude costs for Reliance, which operates one of the world’s largest refining complexes.
Reliance had halted direct Venezuelan oil imports in early 2025 due to US sanctions, but recently bought 2 million barrels of Venezuelan crude from trader Vitol after traders received licences to market and sell the oil following the capture of Venezuelan President Nicolás Maduro.
Direct access to Venezuelan heavy crude could help Reliance replace Russian oil supplies in a cost-effective way, as Venezuelan barrels are typically sold at a discount, according to sources.
The licence comes amid broader shifts in global energy markets and follows efforts by India to diversify its crude sources as it aligns with evolving trade ties with the United States.
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