India’s Reliance Industries will consider buying Venezuelan oil

India’s Reliance Industries Ltd, operator of the world’s largest refining complex, on Thursday said it will consider buying Venezuelan oil if permitted for sale to non-US buyers.

“We await clarity on access for Venezuelan oil by non-US buyers and will consider buying the oil in a compliant manner,” a Reliance Industries Spokesperson said in response to a Reuters email seeking comments.

Caracas and Washington have reached a deal this week to export up to US$2 billion worth of Venezuelan crude, some 30-50 million barrels, to the United States after US forces captured President Nicolas Maduro on January 3.

Reliance stopped buying Venezuelan oil from March 2026 after the United States announced a 25 per cent tariff on nations buying crude from the South American nation. The conglomerate received its last parcel of Venezuelan oil in May.

Reliance’s two refineries in western Gujarat state can process about 1.4 million barrels per day of crude oil.

The complexity of those plants allows it to process cheaper and heavier crudes such as Merey from Venezuela.