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yesterday

Reliance Open to Resuming Venezuelan Oil Purchases If Rules Allow

U.S. restrictions, including a 25% tariff, have made Venezuelan barrels legally risky for Indian refiners.

From $7.2 bn peak to near zero: How US sanctions turned Venezuela from key oil partner to marginal supplier for India
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Overview

  • Reliance said it will consider buying Venezuelan crude only if non‑U.S. buyers are permitted and transactions can be done in full compliance.
  • The refiner halted Venezuelan imports after Washington imposed a 25% tariff, taking its last delivery in May 2025, according to reports.
  • India’s imports from Venezuela peaked at $7.2 billion in FY2019, fell to zero in FY2022–FY2023, rebounded to $802 million in FY2024 and $1.41 billion in FY2025, then dropped to $255 million in April–October FY2026.
  • Indian exposure in Venezuela persists through ONGC Videsh’s stakes in projects and more than $1 billion in unpaid dues.
  • Some outlets reported a U.S.–Venezuela crude arrangement tied to an alleged capture of Nicolás Maduro, a claim that remains disputed and unverified.