Reliance Gets US Nod For Venezuela Oil, Here's What This Means For Global Oil Markets?
· Free Press Journal
Jamnagar: India’s Reliance Industries has received a general licence from the United States allowing it to buy Venezuelan crude oil without breaking US sanctions, according to sources. This comes after Washington eased some restrictions on Venezuela’s energy sector following major political developments in the country.
The licence allows companies to buy, export and refine Venezuelan oil that has already been extracted. This could help Reliance secure cheaper crude for its large refining operations.
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Reliance wins US licence for Venezuelan oil
— Vivek Singhal (@TheVivekSinghal) February 13, 2026
The United States has granted a general licence to Reliance Industries Ltd allowing it to import Venezuelan oil directly without breaching U.S. sanctions.
This licence lets Reliance buy, export and sell Venezuelan-origin crude that’s…
The move is linked to a broader US effort to revive Venezuela’s oil sector through multi-billion-dollar supply and reconstruction plans.
Why Venezuela Oil Matters For Reliance?
Reliance earlier stopped buying Venezuelan crude in 2025 due to sanctions. Now, cheaper heavy crude from Venezuela can help reduce refining costs because it is sold at a discount.
The company recently bought about 2 million barrels through traders who also received US licences.
Reliance runs one of the world’s biggest refining complexes with around 1.4 million barrels per day capacity, making it suitable for processing heavy crude grades.
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Many Indian refiners are reducing Russian oil purchases, especially for upcoming shipments. This shift may help India strengthen trade ties with the US.
Diversifying supply also protects refiners from geopolitical risks and price shocks.
US Policy Shift Behind The Move
The US has recently eased some sanctions to allow more oil trade from Venezuela and boost supply in global markets.
After political changes in Venezuela, US-managed oil sales have already crossed $1 billion, with expectations of several billion dollars more soon.
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More Venezuelan oil supply could lower global crude prices. For Reliance, cheaper crude improves refining margins and profitability.
However, global oil flows remain uncertain because of geopolitics, sanctions and supply shifts.