National Current Affairs
Reliance Secures US Licence to Import Venezuelan Crude Oil
- 17 Feb 2026
- 2 min read
Why in News?
Reliance Industries has been granted a general licence by the United States government to directly import crude oil from Venezuela, enabling the company to resume discounted heavy oil imports and boost its refining margins.
Key Points:
- Venezuelan Oil Imports: The United States issued a licence permitting Reliance to directly purchase Venezuelan crude oil without violating sanctions.
- Venezuelan heavy crude is sold at a discount and is compatible with the sophisticated units at Reliance’s Jamnagar refinery.
- Diversifies Sources: The licence helps India’s largest private refiner reduce dependence on a narrow set of suppliers and diversifies crude sources amid global market uncertainties.
- Reliance had halted Venezuelan crude imports in 2025 due to sanctions but had earlier imported through traders.
- Impact: Venezuelan oil imports may help reduce India’s dependence on Russian crude, ensuring a more stable and reliable supply of oil for Indian refineries.
- Strategic Energy Interests: By securing discounted heavy crude, Reliance enhances its competitive edge and contributes to secure energy supply chains while navigating international sanctions frameworks.
| Read More: Venezuelan Crisis |
