India’s largest oil refining firm, Reliance Industries, is seeking US approval to resume purchasing Venezuelan crude oil, according to Reuters. The move comes as the company faces pressure from Washington to cease buying Russian oil due to sanctions imposed on Moscow over the Ukraine conflict. In recent months, the US has been urging New Delhi to reduce its dependence on Russian oil, with President Donald Trump increasing tariffs on Indian goods to 50% in August.
Reliance Industries is reportedly in talks with the US State and Treasury departments to obtain authorization to buy oil from Venezuela, which has been subject to US sanctions. The company’s spokesperson stated that they await clarity on access to Venezuelan oil for non-US buyers and will consider purchasing the oil in a compliant manner. In the past, Reliance Industries had received authorization from Washington to purchase crude from Venezuela, but the licenses were suspended in March as part of the US campaign to pressure Venezuelan President Nicolas Maduro.
The US has been seeking to increase pressure on Venezuela, with President Trump demanding “total access” to the country’s vast oil reserves. Recently, US forces took action against Venezuela, and Treasury Secretary Scott Bessent announced that some US sanctions on Venezuelan oil exports could be lifted in the coming days. Reliance Industries had previously received shipments from Venezuela’s national oil firm PDVSA, amounting to around 63,000 barrels of oil per day in the first quarter of 2025.
The development highlights the complex geopolitics of the global oil market, with countries navigating sanctions, trade agreements, and diplomatic relations. As the US continues to exert pressure on Russia and Venezuela, companies like Reliance Industries are seeking alternative markets to secure their energy needs. The outcome of these efforts will be closely watched, as it may have significant implications for the global oil market and international relations. With the US and other countries vying for influence in the energy sector, the situation is likely to remain fluid, with companies and governments adapting to changing circumstances.
