U.S. Grants Reliance Licence to Import Venezuelan Oil Amid Sanctions Easing

The United States has issued a general licence to India’s Reliance Industries Ltd allowing the company to directly purchase Venezuelan crude without breaching sanctions, according to sources familiar with the matter. The authorization permits the purchase, export, sale, and refining of Venezuelan-origin oil that has already been extracted. The move could accelerate Venezuela’s oil exports while lowering feedstock costs for Reliance, which operates the world’s largest refining complex.

The licence follows Washington’s decision to ease sanctions on Venezuela’s energy sector after the reported capture of President Nicolás Maduro earlier this month. U.S. officials have said the relaxation is intended to support a $2 billion oil supply arrangement and a broader $100 billion reconstruction plan for Venezuela’s struggling oil industry. Such general licences typically allow otherwise restricted transactions to proceed without individual approvals, provided they meet specified conditions.

Reliance, which had previously halted Venezuelan imports due to sanctions, has already resumed limited purchases through intermediaries and could now buy directly at discounted prices. Analysts say Venezuelan heavy crude could help Indian refiners replace Russian supplies in a cost-effective manner as New Delhi recalibrates energy trade ties with Washington. The company operates refineries with a combined capacity of about 1.4 million barrels per day and was historically a major buyer of Venezuelan oil before sanctions disrupted trade flows.

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