India's Reliance Industries is seeking approval from the US to resume purchases of Venezuelan crude, two sources familiar with the matter said on Friday. The private refiner looks to secure oil amid Western pressure on India to cut Russian oil purchases.
Reliance's representatives are in discussions with the US State and Treasury departments to obtain the authorisation. This comes as Washington and Caracas progress in negotiations to ship 50 million barrels of oil in the aftermath of the US capture of President Nicolas Maduro.
The Indian conglomerate had received licences from Washington in past years to import crude from US-sanctioned Venezuela for its refining complex, the world's largest. Venezuela's oil company PDVSA delivered Reliance four crude cargoes, or some 63,000 barrels per day, in the first four months of 2025 under those authorisations.
Washington suspended most licences to PDVSA's business partners between March and April and threatened Venezuela's oil buyers with tariffs as it increased pressure on Maduro. Reliance's last cargo of Venezuelan oil arrived in India in May 2025.
Reliance said on Thursday that it would consider resuming purchases of Venezuelan crude if sales to non-US buyers are permitted under US regulations. The company and the US Treasury Department did not immediately respond to Reuters emails requesting comment.
Chevron, Vitol, Trafigura and other oil companies are vying for licences and control over Venezuelan oil exports. US President Donald Trump is meeting with oil executives at the White House later on Friday.
The South American producer has millions of barrels of crude stuck in onshore tanks and vessels. US officials have said they would control Venezuelan oil exports indefinitely, and that some oil would flow to non-US buyers.
Trump said China, the largest buyer of Venezuelan oil, will not be deprived of barrels. Reliance is willing to buy Venezuelan oil from US companies and others with drilling rights in Venezuela if crude is offered at attractive rates.
Venezuelan oil supplies could help replace some Russian supplies to India. Reliance was the biggest Indian buyer of Russian oil but has said it would not receive any cargo of Russian crude this month.
India is under pressure from Trump to stop importing Russian barrels. Reliance's two refineries in western Gujarat state have a combined capacity of about 1.4 million bpd of crude oil.
This allows it to process cheaper and heavier crudes such as Venezuela's Merey. Reliance and PDVSA have a long-standing relationship, and India was the third most important market for Venezuela's crude before the US imposed sanctions.
(Reporting by Nidhi Verma and Marianna Parraga; Editing by Nia Williams)
