US Grants Reliance Industries License for Venezuelan Oil
Analysis based on 13 articles · First reported Feb 13, 2026 · Last updated Feb 13, 2026
The issuance of a general license to Reliance Industries by the United States is expected to increase Venezuelan oil exports and reduce crude costs for Reliance Industries, positively impacting the refining sector. This shift also signals a diversification away from Russian oil for Indian refiners, potentially strengthening trade ties between India and the United States.
The United States has issued a general license to India's Reliance Industries, allowing the refiner to directly purchase Venezuelan oil without violating sanctions. This move follows the US capture of Venezuelan President Nicolás Maduro and is part of a broader US policy to ease sanctions on Venezuela's energy industry, aiming to facilitate a $2 billion oil supply deal and a $100 billion reconstruction plan for Venezuela's oil sector. The license will enable Reliance Industries to replace Russian oil with cost-effective Venezuelan heavy crude, which is sold at a discount. Indian refiners, including Reliance Industries, are avoiding Russian oil purchases for April deliveries, a decision that could help India seal a trade pact with the United States. US President Donald Trump previously removed a 25% punitive tariff on India and suggested India would buy more oil from the US and potentially Venezuela. Reliance Industries, which operates the world's largest refining complex, had stopped purchasing Venezuelan oil in early 2025 due to US sanctions.
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