Reliance Industries has received permission from the United States to import oil from Venezuela. This is a significant change because strict US sanctions had previously made it very hard for companies to trade with Venezuela’s oil industry.
The licence was issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC). It gives Reliance the legal right to buy, bring into India, and sell Venezuelan crude oil without breaking US rules. This approval comes after the US government relaxed some of its sanctions on Venezuelan oil exports following political changes in that country.
Reliance had stopped buying Venezuelan oil in 2025 because of the sanctions. Now, with this new permit, it can resume these imports. Venezuelan crude is known for being heavy and usually cheaper than many other types of oil. Buying it at a lower price could help Reliance reduce its fuel costs and improve profits at its large refineries, especially the massive Jamnagar complex in western India.
The move is also part of a broader shift in US policy. Washington has eased restrictions on Venezuela’s energy sector, allowing not just Reliance but also major global oil companies to operate more freely there. Firms such as Chevron, BP, and Shell are expected to expand their involvement in Venezuela after the sanctions were loosened.
Besides helping Reliance, the licence may benefit Venezuela by boosting its oil exports and revenues. For the United States, allowing more companies to trade with Venezuela could strengthen economic ties with countries that purchase Venezuelan oil.
Also Read: IndiGo to hire over 1,000 pilots