Reliance Buys Two Million Barrels of Venezuelan Crude
OIL & GAS

Reliance Buys Two Million Barrels of Venezuelan Crude

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.

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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code