Reliance Industries to purchase Venezuelan oil?

Reliance Industries Ltd (RIL), operator of the world's largest Jamnagar refinery complex, has signaled interest in resuming Venezuelan crude purchases, halted since March 2025 due to a U.S. 25% tariff on importers. A company spokesperson stated: "We await clarity on access for Venezuelan oil by non-US buyers and will consider buying the oil in a compliant manner". This comes amid U.S. moves to control Venezuelan oil sales indefinitely under President Trump, potentially easing restrictions for select global refiners like Reliance, which can process discounted heavy Merey crude for optimal margins. Analysts speculate RIL could revive pre-2019 PDVSA ties if waivers materialize, diversifying supplies amid volatile geopolitics.