Reliance Industries has purchased two million barrels of Venezuelan crude oil from trader Vitol for April delivery, Reuters reported. The purchase marks the company’s first acquisition of Venezuelan crude in nearly a year and was reported to have been secured at a discount of about six point five to seven dollars per barrel to ICE Brent. Financial Express was unable to independently verify the report.

The deal follows recent moves by the United States to grant licences to trading houses Vitol and Trafigura to market and sell mn barrels of Venezuelan oil after a US military operation last month related to the Venezuelan leadership and a subsequent supply agreement with interim President Delcy Rodriguez, Reuters added. Reliance operates the world’s biggest refining complex, and the purchase was framed in the context of global commercial opportunities in crude sourcing. Analysts said access to discounted barrels can influence refining margins and crude slate planning.

India’s foreign ministry indicated that New Delhi remains open to buying oil from a range of countries, including Venezuela, subject to commercial viability, according to spokesperson Randhir Jaiswal. The ministry framed diversification of energy sourcing as central to the government’s strategy to ensure the energy security of one point four billion Indians. The spokesperson said diversification would be guided by objective market conditions and evolving international dynamics.

The development comes amid diplomatic and trade discussions that could affect procurement patterns and refinery feedstock decisions. Reliance’s purchase underscores the role of trading houses in facilitating access to non conventional supplies and the continued integration of Venezuelan barrels into international trade flows under new licensing arrangements. Market participants will monitor cargo arrivals and refinery run plans to assess any potential impact on domestic fuel availability and pricing.