Reliance Industries unit loading 2 million barrels of Venezuelan crude oil: Report

TOI Business Desk / TIMESOFINDIA.COM / Apr 06, 2026, 20:10 IST

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Reliance Industries unit loading 2 million barrels of Venezuelan crude oil: Report

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A unit of Reliance Industries has reportedly started loading a 2-million-barrel shipment of Venezuelan crude. The oil has directly procured from state-run oil firm Petróleos de Venezuela, SA (PDVSA), according to a company document and shipping data on Monday, cited by Reuters.Reliance Industries secured a US general licence in February 2026, following an application in early January, allowing it to directly purchase, export and refine Venezuelan crude without breaching sanctions. The approval came amid a broader easing of restrictions on Venezuela’s energy sector by the administration of Donald Trump. The move is expected to help Reliance diversify its crude sourcing, potentially replacing some Russian supplies with discounted Venezuelan heavy oil, while supporting renewed oil flows from Caracas.

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The TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.

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