4 months ago
2
Reliance Industries Ltd, relation of the world's largest refining complex, said connected Thursday (January 8, 2026) it would see buying Venezuelan lipid if it is permitted for merchantability to non-U.S. buyers.
"We await clarity connected entree for Venezuelan lipid by non-U.S. buyers and volition see buying the lipid successful a compliant manner," a spokesperson astatine Reliance Industries said successful an emailed effect to Reuters' queries.
State-run refiners Indian Oil Corp and Hindustan Petroleum Corp volition besides see buying Venezuelan lipid if income are allowed to non-U.S. companies, manufacture sources said.
The 2 companies did not instantly respond to Reuters' requests for comment.
Reliance stopped buying Venezuelan lipid past year
Caracas and Washington reached a woody this week to export up to $2 cardinal worthy of Venezuelan crude, immoderate 30-50 cardinal barrels, to the United States, aft U.S. forces captured President Nicolas Maduro connected January 3.
Reliance stopped buying Venezuelan lipid from March 2025 arsenic President Donald Trump announced a 25% tariff connected nations buying crude from the South American producer. The conglomerate received its past Venezuelan lipid cargo successful May past year.
Reliance's 2 refinery complexes successful Gujarat, with a combined capableness of astir 1.4 cardinal barrels per time of crude oil, let it to process cheaper and heavier crudes specified arsenic Venezuela's Merey.
"If Venezuelan barrels re-enter planetary markets, they are apt to travel astatine a discount, improving feedstock optionality and economics for compatible refiners, adjacent if volumes stay limited," said Sumit Ritola, pb probe analyst, refining and modelling astatine Kpler.
An acceptable alternate to Russian energy?
HPCL-Mittal Energy, Nayara Energy, IOC, and Mangalore Refinery and Petrochemicals person besides imported Venezuelan lipid successful the past, LSEG commercialized flows show.
Mr. Ritola said Venezuelan lipid offered India a 'politically acceptable diversification option' to Russian oil.
India has faced unit from Western nations to curb Russian lipid purchases aft Moscow's penetration of Ukraine connected interest lipid gross whitethorn beryllium financing Russia's warfare effort.
The United States past twelvemonth doubled tariffs connected Indian goods to 50%, citing India’s dense buying of Russian crude.
A Republican Senator said connected Wednesday that Mr. Trump had 'greenlit' legislation aimed astatine sanctioning countries doing concern with Russia.
While immoderate authorities refiners and Nayara Energy are expected to proceed importing Russian oil, Reliance has said it would not person Russian lipid successful January. The determination could sharply chopped India's Russian lipid imports during the period to the lowest successful years.
"We’ve already seen that Reliance has reduced its intake of Russian crude, which indicates refiners are consenting and able to accommodate erstwhile compliance oregon commercialized risks rise," Mr. Ritola said.
