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India’s Reliance Seeks Resuming Venezuelan Oil Imports
(MENAFN) India’s largest oil refining company is pursuing approval from Washington to restart purchases of Venezuelan crude, a news agency reported on Sunday, citing industry insiders.
New Delhi has faced mounting pressure from the White House to reduce reliance on Russian oil in recent months, as Washington attempts to push Moscow toward resolving the Ukraine conflict. In August, US President Donald Trump raised tariffs on Indian exports to 50% in response to its continued energy trade with Russia.
To secure an alternative supply, Reliance Industries has entered discussions with the US State and Treasury departments to obtain authorization for Venezuelan oil imports, the news agency noted, citing two sources familiar with the talks.
Last week, the outlet revealed that the private refiner would consider Venezuelan crude purchases if the fuel is permitted for sale to buyers outside the US.
“We await clarity on access for Venezuelan oil by non-US buyers and will consider buying the oil in a compliant manner,” a Reliance spokesperson told the news agency.
In the first quarter of 2025, the refiner received four consignments from Venezuela’s state-owned oil company PDVSA, totaling roughly 63,000 barrels per day, according to the news agency.
New Delhi has faced mounting pressure from the White House to reduce reliance on Russian oil in recent months, as Washington attempts to push Moscow toward resolving the Ukraine conflict. In August, US President Donald Trump raised tariffs on Indian exports to 50% in response to its continued energy trade with Russia.
To secure an alternative supply, Reliance Industries has entered discussions with the US State and Treasury departments to obtain authorization for Venezuelan oil imports, the news agency noted, citing two sources familiar with the talks.
Last week, the outlet revealed that the private refiner would consider Venezuelan crude purchases if the fuel is permitted for sale to buyers outside the US.
“We await clarity on access for Venezuelan oil by non-US buyers and will consider buying the oil in a compliant manner,” a Reliance spokesperson told the news agency.
In the first quarter of 2025, the refiner received four consignments from Venezuela’s state-owned oil company PDVSA, totaling roughly 63,000 barrels per day, according to the news agency.
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