New Delhi, February 14, 2026 — Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) has secured a significant strategic advantage after the United States government granted a general licence allowing the company to directly purchase crude oil from Venezuela, senior industry sources said. The new permission marks a major shift in energy trade and policy for India’s biggest private refiner.
The licence removes a key constraint introduced by US sanctions on Venezuela’s energy sector in 2019–20. Until now, Indian refiners could only receive Venezuelan oil through intermediaries or trading firms, complicating logistics and increasing costs. With the new licence from the US Treasury’s Office of Foreign Assets Control (OFAC), RIL can import Venezuelan crude directly without breaching sanctions.
Revival of Venezuelan Imports After Sanctions
Reliance had been a regular buyer of Venezuelan crude prior to sanctions, particularly for its Jamnagar refining complex in Gujarat, which is configured to process heavy and ultra-heavy grades of crude — the specialty of Venezuela’s Orinoco Belt. The Jamnagar refineries, among the largest in the world with a combined capacity of over 1.4 million barrels per day, stand to benefit significantly from this move.
In early February, RIL already resumed Venezuelan oil buying indirectly, purchasing around 2 million barrels of crude sourced through trader Vitol — the first such import in nearly a year.
Strategic and Economic Impacts
The new licence is expected to have several long-term impacts:
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Lower Refining Costs: Venezuelan crude often trades at a significant discount to global benchmarks. Direct access will help improve Reliance’s refining margins.
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Supply Diversification: India’s energy security could grow stronger with access to a broader range of crude sources, reducing dependence on any single supplier.
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Reduced Russian Crude Reliance: Analysts believe the move could help reduce Reliance’s reliance on Russian crude supplies, which have been under scrutiny due to global geopolitical tensions.
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Stronger Trade Ties: The licence aligns with recent diplomacy between India and the US, including discussions on tariff relief and broader trade cooperation.
Easing of US Sanctions & Global Context
The broader context of this licence comes amid the United States easing longstanding sanctions on Venezuela’s oil sector. US officials have also issued licences to major trading houses and international energy firms, encouraging renewed investment and export activity from Caracas.
The shift signals a strategic redirection in global oil markets, and for Reliance, it represents a timely opening to enhance competitiveness in refining and global crude sourcing.
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