India’s Reliance Industries Ltd, operator of the world’s largest refining complicated, on Thursday stated it’ll take into account shopping for Venezuelan oil if permitted on the market to non-US consumers.
“We await readability on entry for Venezuelan oil by non-US consumers and can take into account shopping for the oil in a compliant method,” a Reliance Industries Spokesperson stated in response to a Reuters electronic mail looking for feedback.
Caracas and Washington have reached a deal this week to export as much as US$2 billion price of Venezuelan crude, some 30-50 million barrels, to the US after US forces captured President Nicolas Maduro on January 3.
Reliance stopped shopping for Venezuelan oil from March 2026 after the US introduced a 25 per cent tariff on nations shopping for crude from the South American nation. The conglomerate obtained its final parcel of Venezuelan oil in Might.
Reliance’s two refineries in western Gujarat state can course of about 1.4 million barrels per day of crude oil.
The complexity of these crops permits it to course of cheaper and heavier crudes resembling Merey from Venezuela.
