NEW DELHI (Diya TV) — India’s Reliance Industries has bought 2 million barrels of Venezuelan crude oil in a major energy trade move that marks its first purchase from Venezuela in almost a year. The deal, confirmed by trade sources, highlights shifts in global oil markets and new trading opportunities following recent changes in U.S. licensing rules.
Reliance, which runs the world’s largest refining complex in Jamnagar, Gujarat, agreed to buy Venezuelan oil through global trader Vitol. The crude is set for April delivery and was acquired at a discount of roughly $6.50–$7 per barrel compared with the benchmark ICE Brent price.
The purchase is significant because it comes after nearly a year without Venezuelan oil imports by Reliance. The deal follows new U.S. licenses issued to trading houses, including Vitol and Trafigura, that allow them to market and sell Venezuelan crude.
Under the new U.S. licensing arrangements, traders can sell Venezuelan barrels that were previously held back due to sanctions. This has helped unlock supply and restart exports from the South American nation. Venezuela’s oil industry has faced longstanding sanctions and production declines in recent years.
For Reliance, the purchase adds to its supply options as it runs one of the most complex refining setups in the world, capable of processing heavy crude oils like Venezuela’s. Buying oil at a discount can help lower feedstock costs for its refineries and support competitive fuel production. Officials in New Delhi have said the country remains open to importing Venezuelan crude depending on commercial viability.
The return of Venezuelan crude to international buyers could affect global oil supply balances. The reactivation of Venezuelan oil in global markets also comes as major consumers monitor energy stability and price volatility. The new licensing regime may encourage more transactions, adding supply options in an otherwise tight oil market.
