NEW DELHI: India's Reliance Industries Ltd, operator of the world's largest refining complex, said on Thursday it ​would consider buying Venezuelan oil if it is permitted for sale to non-U.S. buyers.

"We await clarity on access for Venezuelan oil ⁠by non-U.S. buyers and will consider buying the oil in a compliant manner," a spokesperson at Reliance Industries said in an emailed response ⁠to Reuters' ‌queries.

State-run refiners Indian Oil Corp and Hindustan Petroleum Corp will also consider buying Venezuelan oil if sales are allowed to non-U.S. companies, industry sources said.

The two companies did not immediately respond to Reuters' requests for ⁠comment.

RELIANCE STOPPED BUYING VENEZUELAN OIL LAST YEAR

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 U.S. forces captured President Nicolas Maduro on January 3.

Reliance stopped buying Venezuelan oil from March 2025 as President Donald Trump announced a 25% ⁠tariff on nations buying crude from the South ​American producer. The conglomerate received its last Venezuelan oil cargo in May last year.

Reliance's two refinery complexes in western Gujarat state, with a combined ‍capacity of about 1.4 million barrels per day of crude oil, allow it to process cheaper and heavier crudes such as Venezuela's Merey.

"If Venezuelan barrels ​re-enter global markets, they are likely to come at a discount, improving feedstock optionality and economics for compatible refiners, even if volumes remain limited," said Sumit Ritola, lead research analyst, refining and modelling at Kpler.

 

AN ACCEPTABLE ALTERNATIVE TO RUSSIAN ENERGY?

India's HPCL-Mittal Energy, Nayara Energy, IOC, and Mangalore Refinery and Petrochemicals have also imported Venezuelan oil in the past, LSEG trade flows show.

Ritola said Venezuelan oil offered India a 'politically acceptable diversification option' to Russian oil.

India has faced pressure from Western nations to curb Russian oil purchases after Moscow's invasion of Ukraine on concern oil revenue may be financing Russia's war effort.

The United States last year doubled tariffs on Indian goods to 50%, citing India’s heavy buying of Russian crude.

A Republican Senator said on ⁠Wednesday that Trump had 'greenlit' legislation aimed at sanctioning countries doing business with ‌Russia.

While some state refiners and Nayara Energy are expected to continue importing Russian oil, Reliance has said it would not receive Russian oil in January. The decision could sharply cut India's Russian oil imports during the month to the lowest ‌in years.

"We’ve already seen ⁠that Reliance has reduced its intake of Russian crude, which indicates refiners are willing and able to adapt when compliance or ⁠trade risks rise," Ritola said. (Reporting by Nidhi Verma, Editing by Louise Heavens and Bernadette Baum)