India’s Reliance in talks for US permit to buy Venezuelan oil, sources say

NEW DELHI/HOUSTON – India’s Reliance Industries is seeking approval from the US to resume purchases of Venezuelan crude, two sources familiar with the matter said on Jan 9, as the private refiner looks to secure oil amid Western pressure on India to cut Russian oil purchases.

Reliance’s representatives are in discussions with the US State and Treasury departments to obtain the authorisation, the sources said, as Washington and Caracas progress in negotiations to ship 50 million barrels of oil in the aftermath of

the US capture of Venezuelan president Nicolas Maduro.

The Indian conglomerate had received licences from Washington in past years to import crude from US-sanctioned Venezuela for its refining complex, the world’s largest.

Venezuela’s oil company PDVSA delivered Reliance four crude cargoes, or some 63,000 barrels per day (bpd), in the first four months of 2025 under those authorisations, according to PDVSA’s internal records.

Washington suspended most licences to PDVSA’s business partners between March and April and threatened Venezuela’s oil buyers with tariffs as it increased pressure on Maduro.

Reliance’s last cargo of Venezuelan oil arrived in India in May 2025.

Reliance said on Jan 8 that it would consider resuming purchases of Venezuelan crude if sales to non-US buyers are permitted under US regulations.

The company and the US Treasury Department did not immediately respond to Reuters emails requesting comment on Reliance seeking approval to resume purchases.

Chevron, Vitol, Trafigura and other oil companies are vying for licences and control over Venezuelan oil exports.

US President Donald Trump was scheduled to meet oil executives at the White House later on Jan 9. The South American producer has millions of barrels of crude stuck in onshore tanks and vessels.

US officials have said they would

control Venezuelan oil exports indefinitely,

and that some oil would flow to non-US buyers. Mr Trump said China, the largest buyer of Venezuelan oil, will not be deprived of barrels.

Reliance is willing to buy Venezuelan oil from US companies and others with drilling rights in Venezuela if crude is offered at attractive rates, said one of the sources.

Venezuelan oil supplies could help replace some

Russian supplies to India.

Reliance was the biggest Indian buyer of Russian oil but has said it would not receive any cargo of Russian crude in January as India is under pressure from Mr Trump to stop importing Russian barrels.

Reliance’s two refineries in western Gujarat state, with a combined capacity of about 1.4 million bpd of crude oil, allow it to process cheaper and heavier crudes such as Venezuela’s Merey.

Reliance and PDVSA have a longstanding relationship, and India was the third-most important market for Venezuela’s crude before the US imposed sanctions on oil trade, taking some 400,000 bpd. REUTERS