Reliance gets US nod for Venezuelan oil purchase
Reliance Industries just scored a US license to bring in Venezuelan crude, ending a months-long pause caused by sanctions.
The deal lets Reliance buy up to 2 million barrels of Merey oil at a steep discount for April 2026 delivery—a big win for their bottom line.
Indian oil players are diversifying their sources
Amid pressure and some buyers' avoidance of Russian cargoes, Reliance and other major Indian players like Indian Oil and Hindustan Petroleum are now turning to Venezuela.
Together, they're buying millions of barrels for their refineries, signaling a fresh strategy as global trade rules keep shifting.
Shift in US-Venezuela dynamics opens doors for India
This isn't just about oil—it's also about changing ties between the US and India.
After some high-profile political changes and new trade deals (including lifting tariffs on India), companies like Vitol can now market Venezuelan barrels.
For India's energy scene, it means more options—and maybe cheaper fuel down the road.