Reliance Signals Openness to U.S. Energy Tie-Up, Testing Russia-India Oil Axis

Reliance Industries Ltd, India's largest private refiner, said it is open to collaborating with U.S. companies across oil, gas and clean energy, including in Venezuela — a signal to Washington as it pushes New Delhi to reduce its reliance on Russian crude. The announcement centers on Reliance's Jamnagar complex, the world's largest single-site refinery at 1.4 million barrels per day. India became a major buyer of discounted Russian oil after Moscow's February 2022 invasion of Ukraine, importing 1.6 million bpd versus China's roughly 1 million bpd. President Trump imposed 50% tariffs on Indian goods on August 27, 2025, later raised to up to 100% under the "Lindsey O. Graham Sanctioning Russia and Iran Act of 2026" signed September 18, before a last-minute waiver on October 16. Secretary of State Marco Rubio visited India and the Jamnagar site last week ahead of talks with External Affairs Minister S. Jaishankar. Reliance is also the largest buyer of Venezuelan crude and has signaled interest in expanding that trade.