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Reliance in talks for US permit to buy Venezuelan oil: sources

(AGENCIES)
NEW DELHI | 10-JANUARY-2026:

India's Reliance Industries is seeking U.S. approval to resume purchases of Venezuelan crude, two sources familiar with the matter said on Friday, as the private refiner looks to secure supplies amid Western pressure on India to cut Russian oil imports.

Two sources with knowledge of the matter said on Friday that Reliance Industries, a private refiner in India, is seeking U.S. permission to resume purchasing Venezuelan crude. The refiner wants to ensure supplies as Western pressures on India to reduce Russian oil imports.

Sources said that Reliance representatives were in talks with the U.S. State Department and Treasury Department to get the authorization. Washington and Caracas are progressing in their negotiations to ship 50,000,000 barrels of crude oil after the capture by the U.S. of President Nicolas Maduro.

The company didn't?immediately reply to an email asking for comment on the request.

The Indian conglomerate received licenses in the past from Washington to import crude oil from Venezuela sanctioned by the United States for its largest refinery complex.

According to PDVSA internal records, Venezuela's oil firm PDVSA shipped Reliance four cargoes of crude oil, or about 63,000 barrels per day, during the first four months in 2025, under these authorizations. Between March and April, the U.S. suspended licenses for PDVSA's partners and threatened Venezuelan oil buyers with tariffs.

Reliance's final cargo of Venezuelan crude oil arrived in India in May 2025.

Reliance announced on Thursday that it may resume purchases of Venezuelan crude oil if the sale to non-U.S. customers is permitted by U.S. regulations.

A spokesperson for the U.S. Treasury Department said that the department will not comment on any specific licenses or request, but added that it is "fully dedicated to supporting President Donald Trump’s efforts on behalf the Venezuelan people."

Chevron Vitol Trafigura, and other oil firms are competing for control and licenses over Venezuelan oil. Trump will meet with oil executives later Friday at the White House. Millions of barrels are stuck in tanks and vessels on the South American producer's land.

Officials from the United States have stated that they will control Venezuelan oil imports indefinitely and that some of this?oil will flow to non-U.S. purchasers. Trump stated that China, the biggest buyer of Venezuelan crude oil, would not be denied barrels.

One source said that Reliance would be willing to purchase Venezuelan crude oil from U.S. firms and other companies with drilling rights in Venezuela, if the prices were attractive.

Venezuelan oil supplies could replace some Russian oil supplies for India. Reliance, the largest Indian buyer of Russian oil, has announced that it will not be receiving any cargoes of Russian crude in this month due to pressure by Trump on India to stop buying Russian barrels.

Reliance has two refineries located in Gujarat, west of Mumbai, which have a combined capacity to refine crude oil of 1.4 million barrels per day. This allows it to process heavier and cheaper crudes, such as Venezuelan Merey.

Reliance has a longstanding relationship with PDVSA, and India was Venezuela's third-largest market before U.S. sanctions were imposed on the oil trade. It took in around 400,000 barrels per day.