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BUSINESS
The Trump administration seeks to market Venezuela’s oil globally; however, the details are still being worked out, but a senior U.S. official confirmed the option is on the table and that the U.S. would oversee how the oil is sold and how the proceeds are managed.
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Updated : Jan 09, 2026, 12:46 PM IST
 "Mukesh Ambani's masterstroke: Amid US-Venezuela conflict, Reliance Industries may consider buying...")
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As the Trump administration signalled allowing India to buy Venezuelan crude oil under a new US-controlled sales mechanism, Mukesh Ambani-led Reliance Industries stated it is awaiting clarity on whether Venezuelan oil can be bought by non-U.S. buyers and will consider buying the oil in a compliant manner, according to reports.
Reliance eyes buying Venezuelan oil after Russian oil halt
“We await clarity on access for Venezuelan oil by non-U.S. buyers and will consider buying the oil in a compliant manner,” Reliance Industries’ spokesperson said in a statement.
Since March 2025, Reliance stopped buying Venezuelan oil as President Donald Trump announced a 25% tariff on nations buying crude from the South American producer. According to reports, the Ministry of Commerce and Industry data shows that India imported $255.3 million worth of oil from Caracas in the ongoing financial year until November 2025. In 2013, India imported as much as $13 billion worth of Venezuelan oil.
Meanwhile, Reliance has officially stated it anticipates zero Russian crude deliveries in January 2026. The development comes after fresh U.S. sanctions imposed in October 2025 on major Russian producers Rosneft and Lukoil, along with their trading arms. Earlier, India’s largest importer of Russian crude, often accounting for nearly half of India's total Russian oil imports. Reliance's Jamnagar refineries, designed with a high Nelson's Complexity Index (NCI) allows them to process heavy, high-sulfur crudes like Venezuela’s Merey grade.
US willing to sell Venezuelan oil to India?
The Trump administration seeks to market Venezuela’s oil globally; however, the details are still being worked out, but a senior U.S. official confirmed the option is on the table and that the U.S. would oversee how the oil is sold and how the proceeds are managed. The move came after Caracas and Washington reached a deal this week to export up to $2 billion worth of Venezuelan crude, some 30-50 million barrels, to the United States after US forces captured President Nicolas Maduro on January 3. Talking to the news agency IANS, a senior Trump administration official confirmed that the United States was ready and willing to allow India to purchase Venezuelan oil, as Washington moves to market the country's crude globally.
