Reliance Drives India’s Venezuelan Oil Imports to Seven-Year High
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India’s imports of Venezuelan crude oil have surged to a seven-year high, driven primarily by Reliance Industries. The country’s largest private refiner, owned by billionaire Mukesh Ambani, has accounted for over 75% of these purchases.
Reliance operates the world’s largest refining complex in Jamnagar, capable of processing 1.4 million barrels per day (bpd). The facility is uniquely equipped to handle Venezuela’s heavy crude. After years of avoiding Venezuelan oil due to U.S. sanctions, Reliance resumed direct purchases this year following the issuance of a U.S. license and the easing of sanctions on Venezuela’s oil sector.
In September, India’s imports of Venezuelan crude reached 250,000 bpd, with Reliance taking a 76% share, according to Kpler data. The financial incentive is strong: Venezuela’s Merey crude is selling at a discount of roughly $16 per barrel compared to Dated Brent, while Russian Urals crude carries a premium of about $10 per barrel.
Data indicates India’s imports from Venezuela could nearly double to over 460,000 bpd this month. If all scheduled shipments arrive, it will mark India’s highest monthly import volume from Venezuela since sanctions were first imposed in 2019.
Additionally, Reliance Industries is reportedly involved in plans to support the construction of a new oil refinery in Brownsville, Texas, which was announced by President Trump earlier this year, though the scale of Reliance’s investment has not been disclosed.
