Brief by Shorts91 Newsdesk / 05:46pm on 08 Jan 2026,Thursday India Global
India’s Reliance Industries Ltd has announced it will consider buying Venezuelan crude oil if regulations allow sales to non-U.S. buyers, signaling potential re-entry into Venezuelan supply after halting imports due to U.S. tariffs. The company, which operates the world’s largest refining complex in Gujarat, has awaited clarity on access for Venezuelan oil following a deal that allows Caracas to export up to $2 billion of crude to the United States. Reliance stopped Venezuelan oil purchases in March 2026 after a 25% U.S. tariff was imposed on countries buying Venezuelan crude. Approval for compliant purchases will guide future decisions.
