Reliance Industries Limited, India’s leading energy conglomerate, has secured a major advantage in the international oil market with a U.S. “General License” allowing the company to directly import crude oil from Venezuela. The approval removes restrictions that had stalled imports since 2025, enabling Reliance to purchase large volumes of discounted crude without intermediaries. The company can also refine the crude at its Jamnagar facility, the world’s largest refinery, and export as needed, strengthening its global supply capabilities.
The license follows recent political developments in Venezuela, including the detention of President Nicolás Maduro by U.S. forces in January 2026, which prompted the U.S. Treasury to ease sanctions on the Venezuelan energy sector. Analysts note that this regulatory shift opens new opportunities for Reliance to secure crude at competitive rates, boosting operational efficiency and profitability.
In addition to Reliance, India’s public sector oil companies—Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Limited (HPCL)—have also begun crude imports from Venezuela. Together, these state-owned firms plan to procure around 2 million barrels, further diversifying India’s energy sources and enhancing energy security.
Experts predict that with access to discounted Venezuelan crude and the refining capacity at Jamnagar, Reliance could see a significant increase in profits. The move also strengthens India’s position in global energy markets, offering the country greater leverage in negotiations and potential cost savings for domestic fuel supplies.