Reliance Industries has purchased 2 million barrels of Venezuelan crude oil from trader Vitol, trade sources confirmed, marking the company’s first such buy in about a year. The cargo is set for April delivery at a discount of roughly $6.5–$7 per barrel to ICE Brent.
The deal underscores shifting global crude flows as the United States and other market participants work to reintegrate Venezuelan oil back into international markets following recent geopolitical developments. Venezuelan barrels have increasingly been offered globally since mid-2025, when U.S. policy changes eased previous sanctions.
Reliance operates the world’s largest refining complex and has been seeking alternatives to its traditional crude suppliers amid changing trade incentives and broader energy realignment. India’s refiners had earlier signalled interest in Venezuelan crude if permitted under shifting U.S. export rules.
U.S.-Venezuela oil agreements since early 2026 have expanded the ability of trading houses like Vitol and Trafigura to move Venezuelan cargoes globally, including potential deliveries to Asia and Europe.
Analysts note that Venezuelan crude typically trades at deep discounts, offering possible margin advantages to refiners equipped to handle heavier grades, although logistical and regulatory hurdles remain.
India’s reliance on Russian crude has been under pressure from international tariff strategies and market shifts, prompting New Delhi to explore diversified sources, including Venezuelan oil, to balance supply risks and refine feedstock options.
The Reliance purchase may signal a resumption of Venezuelan crude flows to Asia after a prolonged hiatus, reflecting evolving global energy ties and the impact of trade policy on oil markets.
