The United States has granted a general licence to Reliance Industries, allowing it to buy Venezuelan oil directly without breaching US sanctions.
This move follows recent US efforts to ease sanctions on Venezuela's energy sector, encouraging a major oil supply deal and reconstruction plan for the country's oil industry.
Direct imports of discounted Venezuelan crude could help Reliance lower costs and replace higher-priced Russian oil for its large refining operations.
The United States has issued a general licence to Reliance Industries, allowing the company to directly buy oil from Venezuela without violating US sanctions, Reuters reported citing sources.
The development comes after the US captured Venezuelan President Nicolas Maduro earlier this month. Following that, US officials said sanctions on Venezuela's energy sector would be eased to enable a $2 billion oil supply deal between Venezuela and the US, along with a broader $100 billion reconstruction plan for the country’s oil industry.
3 February 2026
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A general licence allows companies to purchase, export and sell Venezuelan oil that has already been extracted, including refining it.
Granting the licence could help boost Venezuela's oil exports and lower crude costs for Reliance. It would also help the company replace Russian crude in a cost-effective way, as Venezuelan heavy oil is typically sold at a discount, the report added.
Reliance had reportedly applied for the licence in early January. Earlier this month, the company also bought 2 million barrels of Venezuelan oil from trader Vitol. Vitol and Trafigura were granted US licences to market and sell Venezuelan crude after Maduro's capture, according to previous reports.
This comes few days after US President Donald Trump removed the 25% tariff on India, which was imposed for purchasing Russian oil. He had aslo said India would buy more oil from the US and potentially from Venezuela. Notably, Trump had earlier mentioned that China would not be blocked from purchasing Venezuelan oil.
Furthermore, Indian refiners, including Reliance, have been avoiding Russian oil purchases for April deliveries and are expected to continue staying away from such trades for a longer period, according to Reuters.
It is to be noted that Reliance had earlier been a regular buyer of Venezuelan oil for its advanced refining complex but stopped purchases in early 2025 due to US sanctions.
In the past, US had given Reliance special licences to buy oil from Venezuela despite US sanctions. Under those approvals, Venezuela's state oil company PDVSA supplied Reliance with four crude cargoes, around 63,000 barrels per day, during the first few months of 2025, an earlier report by Reuters said, citing internal PDVSA records.
However, the US suspended most licences for PDVSA's business partners between March and April 2025 and warned countries buying Venezuelan oil that they could face tariffs.
Reliance's last shipment of Venezuelan oil reached India in May 2025, and the company has now reportedly said that it would consider buying Venezuelan oil again if US rules allow sales to non-US buyers.
Notably, Reliance has been biggest Indian buyer of Russian oil, while it had earlier denied reports that claimed that the conglomerate received Russian crude in January.
