Reliance Secures US License for Venezuelan Oil Imports

• Reliance Industries Ltd. obtains a general license from the US, allowing direct purchase of Venezuelan oil without violating sanctions.
• The move follows US easing of sanctions on Venezuela's energy industry after President Nicolas Maduro's capture, aiming for a $2 billion oil supply deal and a $100 billion reconstruction plan.
• This license could boost Venezuela's oil exports and lower crude costs for Reliance, which operates the world's largest refining complex.
• Direct Venezuelan oil purchases offer Reliance a cost-effective alternative to Russian oil, as Caracas's heavy crude is discounted.
• Reliance, a former regular buyer, had halted Venezuelan oil purchases in early 2025 due to US sanctions; Indian refiners are now avoiding Russian oil.