The US government has issued a general licence to Reliance Industries, allowing the Indian refiner to purchase Venezuelan oil directly without violating sanctions, Reuters reported, citing sources privy to the development.
Reliance obtaining a general licence would mean accelerated Venezuelan oil exports and cut crude costs for the operator of the world’s biggest refining complex, the report stated, adding that Reliance applied for the licence in January this year. The Indian refiner will be able to purchase Venezuelan oil, which is already extracted and stored in tanks and vessels.
This comes after the US officials recently said that sanctions imposed on Venezuela’s energy industry would be eased to facilitate a $2 billion oil supply deal between Caracas and Washington, in addition to a $100 billion reconstruction plan for Venezuela’s oil industry.
Reliance has reduced imports of Russian oil after the US imposed sanctions, and is expected to buy more Venezuelan oil. Notably, the company used to be a regular purchaser of Venezuelan oil before the US imposed sanctions in early 2025.
A Bloomberg report claimed that the Indian government has asked state-owned refiners to consider buying more Venezuelan crude and oil from the US, as India is set to sign a trade deal with the US.
