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Reliance Industries unit loading 2 million barrels of Venezuelan crude oil: Report
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.
Source: The Times of India
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