Reliance gets US license to directly buy Venezuelan oil

The US has issued a general licence to India’s Reliance Industries Ltd that will allow the refiner to buy Venezuelan oil directly without violating sanctions, two sources familiar with the matter said.

- Reuters

The conglomerate had to stop purchases of Venezuelan oil in early 2025.

(REUTERS)

Following the US capture of Venezuelan President Nicolas Maduro earlier this month, US officials said Washington would ease sanctions imposed on Venezuela's energy industry to facilitate a $2 billion oil supply deal between Caracas and Washington and an ambitious $100 billion reconstruction plan for the country’s oil industry.

A general licence authorises the purchase, exportation, and sale of Venezuelan-origin oil that has already been extracted, including the refining of such oil.