India's Reliance Industries Ltd., which operates the world's largest refining complex, stated on Thursday that it would consider purchasing Venezuelan oil if sales to non-U.S. buyers are permitted.
A spokesperson for Reliance Industries said, "We are awaiting clarity on Venezuelan oil being available to non-U.S. buyers and will consider sourcing it in a compliant manner."
Reliance ceased purchasing Venezuelan oil from March 2025 after U.S. President Trump announced a 25% tariff on countries buying crude from the South American oil-producing nation. The conglomerate received its final shipment of Venezuelan oil last May.
Reliance's two refinery complexes in western Gujarat state, with a combined capacity to process approximately 1.4 million barrels of crude per day, are capable of refining cheaper, heavier crude oil from countries like Venezuela.
Following the Russia-Ukraine conflict, India has faced pressure from Western nations concerned that oil revenues could be used to fund Russia, leading to calls for India to limit its purchases of Russian oil.
The U.S. doubled tariffs on Indian goods to 50% last year, citing India's significant purchases of Russian crude.
While some Indian state-run refineries are expected to continue importing Russian oil, Reliance Industries has indicated it will not receive any Russian oil shipments in January. This decision is likely to slash India's imports of Russian oil in January to their lowest level in years.
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