Reliance Industries has bought 2 million barrels of crude oil from Venezuela, marking its first purchase from the country since mid‑2025. The deal is for delivery in April, and the crude was purchased through trading firm Vitol at a discount compared to global oil prices.
This move shows Reliance is taking advantage of cheaper Venezuelan oil, which is a heavy, sour grade that fits well with its large Jamnagar refinery in Gujarat. The refinery is equipped to process these kinds of crude, helping the company make better profits when refining it. Sources say the oil was bought at roughly $6–7 per barrel lower than Brent crude.
The purchase comes as the United States has eased sanctions on Venezuela, allowing some trading firms to handle its oil. This has made it easier for companies like Reliance to buy Venezuelan crude without running into legal or financial hurdles.
While the US has encouraged India to reduce purchases of Russian crude, India continues to make decisions based on price and energy needs, rather than politics. Officials say India will keep looking for reliable oil sources to meet its growing demand.
Analysts see this as a smart business move by Reliance. With global oil supplies changing due to geopolitical tensions and US‑Venezuela agreements, buying discounted Venezuelan crude can give Indian refiners an economic advantage.
The deal also highlights India’s strategy of diversifying its oil sources to secure steady supplies at competitive prices. By resuming trade with Venezuela, Reliance joins other Indian refiners in exploring alternative crude options while keeping costs under control.
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