Reliance returns to buying Venezuelan oil

Reliance has returned to Venezuelan crude after a pause that began in the middle of last year, as India seeks to diversify its supply and US intervention brings the South American country’s oil back to market.

The refining giant has taken one very large crude carrier with a cargo of around 2 million barrels, according to a person familiar with the transaction. The person requested not to be named as they aren’t authorised to speak to the media.




Reliance did not respond to an email seeking comment.

The deal is India’s first since the US seized former president Nicolas Maduro last month and stepped into the country’s oil sector. It also comes after Washington and New Delhi struck a trade deal that slashes tariffs on Indian exports. US President Donald Trump tied the agreement to the end of Russian oil imports, though India has not provided detail.

New Delhi has previously bought cargoes of Venezuelan crude and Reliance took imports until last year, under a US sanctions waiver. It accounted for about 25% of the Latin American country’s exports in 2019.