RoydadNaft –  The United States has issued a general licence to India’s Reliance Industries Ltd that will allow the refiner to buy Venezuelan oil directly without violating sanctions, two sources familiar with the matter said.

Following the U.S. capture of Venezuelan President Nicolas Maduro earlier this month, U.S. officials said Washington would ease sanctions imposed on Venezuela’s energy industry to facilitate a $2 billion oil supply deal between Caracas and Washington and an ambitious $100 billion reconstruction plan for the country’s oil industry.

A general licence authorises the purchase, exportation, and sale of Venezuelan-origin oil that has already been extracted, including the refining of such oil.

Handing a licence to Reliance could speed up Venezuela’s oil exports and reduce crude costs for the operator of the world’s biggest refining complex.

VENEZUELAN OIL TO REPLACE RUSSIAN SUPPLY

Direct purchase of Venezuelan oil will help Reliance replace Russian oil in a cost-effective way, as heavy crude from Caracas is sold at a discount, said one of the sources.

President Donald Trump earlier this month removed a 25% punitive tariff on India and said New Delhi would buy more oil from the U.S. and potentially Venezuela.

The conglomerate used to be a regular buyer of Venezuelan oil for its advanced refining complex, but had to stop purchases in early 2025 due to U.S. sanctions. Reliance operates two refineries with a combined capacity of about 1.4 million barrels per day.