Reliance Industries Granted U.S. License to Purchase Venezuelan Crude (RIL)

Reliance Industries (RIL) has been authorized by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) to buy, export, and sell Venezuelan crude oil, according to Reuters, citing knowledgeable sources. The general license follows an application submitted last month and is expected to restore India’s largest private refiner access to Venezuelan oil, potentially boosting exports from its world’s largest refining complex in Jamnagar. India is considering Venezuelan crude to replace Russian supply under the U.S.-India trade deal, which hinges on India reducing Russian crude imports. Prior to sanctions on Rosneft and Lukoil, RIL imported over 500,000 barrels per day (bpd) of Russian crude under a long-term Rosneft agreement. Indian refiners have increased purchases of West African and Middle Eastern crudes this year to replace lost Russian supply. Date: February 13, 2026