Reliance to Consider Venezuelan Oil Purchases If Permitted
Reliance Industries Ltd on Thursday said it would consider purchasing crude oil from Venezuela if sales to non-US buyers are formally allowed under prevailing international regulations. The company clarified that any such decision would be taken strictly within the framework of global sanctions and trade compliance.
Awaiting Policy and Regulatory Clarity
A spokesperson for Reliance said the company is monitoring developments related to the sale of Venezuelan crude to non-US entities. The company indicated that it would assess the situation only after there is clear regulatory approval, adding that commercial viability and legal compliance would be key factors in any future decision.
Imports Halted After Sanction-Linked Measures
Indian refiners, including Reliance, had earlier imported Venezuelan crude, particularly heavy grades suited to complex refineries. However, these imports were halted after sanction-linked measures and tariff-related restrictions made such purchases commercially difficult and legally uncertain. Since then, Indian refiners have adjusted their sourcing strategies to comply with evolving global trade rules.
Refining Capability Supports Heavy Crude
Reliance operates the Jamnagar refining complex, the largest in the world, with the technical capability to process a wide range of crude grades, including heavy and sour oil. Industry observers note that Venezuelan crude could again become an option for Indian refiners if restrictions are eased and pricing conditions are favourable.
Venezuela and Global Oil Supply
Venezuela has some of the largest proven crude oil reserves globally, but its production and exports have been constrained for years due to sanctions, limited investment and geopolitical factors. Any resumption of Venezuelan oil exports to India would depend on regulatory changes, market dynamics and broader geopolitical developments.
