+
Reliance May Buy Venezuelan Oil If Rules Permit
OIL & GAS

Reliance May Buy Venezuelan Oil If Rules Permit

Reliance Industries is considering the purchase of Venezuelan crude oil, subject to regulatory clarity on sales to non-US buyers, according to a Reuters report.

A spokesperson for Reliance told Reuters that the company is awaiting clarity on access to Venezuelan oil for buyers outside the United States and would consider purchasing the crude in a fully compliant manner if permitted. The potential move comes after the US began facilitating the marketing of Venezuelan oil in global markets and assumed control over its sale for an indefinite period.

At the same time, global oil majors such as Chevron are reported to be in discussions with the US government to secure licences that would allow them to purchase and sell Venezuelan oil.

In the equity market, shares of Reliance Industries fell 2.25 per cent on Thursday to close at Rs 1,470.30 on the BSE, after touching an intraday low of Rs 1,468.45, down 2.37 per cent. The stock has declined for four consecutive sessions, losing 7.67 per cent over the period.

Over the four trading days, Reliance’s market capitalisation has eroded by about Rs 1.65 trillion to Rs 19.90 trillion.

Earlier this month, the United States Department of Energy said the US is selectively rolling back sanctions to enable the transportation and sale of Venezuelan crude and refined products in global markets. According to the department, these sales will begin immediately and could involve around 30–50 million barrels, continuing on an indefinite basis.

Reuters also reported that Chevron is seeking to expand a key licence to operate in Venezuela, which would allow it to raise crude exports to its own refineries and sell oil to other international buyers. An expanded licence could enable Chevron to return to earlier export levels and allocate Venezuelan crude to destinations outside the US, as it has done in the past.

According to reports, some of Chevron’s former business partners, including an Indian refiner, have approached Venezuelan authorities in Caracas this week to explore the possible resumption of oil loadings.

Reliance Industries is considering the purchase of Venezuelan crude oil, subject to regulatory clarity on sales to non-US buyers, according to a Reuters report. A spokesperson for Reliance told Reuters that the company is awaiting clarity on access to Venezuelan oil for buyers outside the United States and would consider purchasing the crude in a fully compliant manner if permitted. The potential move comes after the US began facilitating the marketing of Venezuelan oil in global markets and assumed control over its sale for an indefinite period. At the same time, global oil majors such as Chevron are reported to be in discussions with the US government to secure licences that would allow them to purchase and sell Venezuelan oil. In the equity market, shares of Reliance Industries fell 2.25 per cent on Thursday to close at Rs 1,470.30 on the BSE, after touching an intraday low of Rs 1,468.45, down 2.37 per cent. The stock has declined for four consecutive sessions, losing 7.67 per cent over the period. Over the four trading days, Reliance’s market capitalisation has eroded by about Rs 1.65 trillion to Rs 19.90 trillion. Earlier this month, the United States Department of Energy said the US is selectively rolling back sanctions to enable the transportation and sale of Venezuelan crude and refined products in global markets. According to the department, these sales will begin immediately and could involve around 30–50 million barrels, continuing on an indefinite basis. Reuters also reported that Chevron is seeking to expand a key licence to operate in Venezuela, which would allow it to raise crude exports to its own refineries and sell oil to other international buyers. An expanded licence could enable Chevron to return to earlier export levels and allocate Venezuelan crude to destinations outside the US, as it has done in the past. According to reports, some of Chevron’s former business partners, including an Indian refiner, have approached Venezuelan authorities in Caracas this week to explore the possible resumption of oil loadings.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

NABARD Holds Seminar on Vigilance, Integrity and Good Governance

National Bank for Agriculture and Rural Development (NABARD) organised a seminar on “Vigilance: Strengthening Integrity and Good Governance” on 25 August 2026 at its Head Office in Mumbai as part of the ongoing Vigilance Awareness Campaign 2026 being observed from 17 August to 16 November 2026, with the theme “Probity for Prosperity."" The seminar was graced by Suresh N Patel, Former Central Vigilance Commissioner, Government of India, as the chief guest and keynote speaker.  The programme was attended by G S Rawat, Deputy Managing Director, Dr Ajay K Sood, Deputy Managing Dire..

Next Story
Equipment

XCMG Unveils World's First 14,000-Ton Ring Crane for Heavy Lifting

XCMG has announced that the first main unit of the world's first 14,000-ton ring crane has rolled off the production line, marking a historic breakthrough in ultra-heavy lifting technology. Jointly developed by XCMG and Sinopec Heavy Lifting & Transportation Co., Ltd., the crane will be the largest-capacity ring crane ever built, setting a new benchmark for major construction projects worldwide.The crane features a modular configuration comprising two main units that work in tandem. The first main unit has completed final assembly and can independently perform lifting operations. Once both..

Next Story
Infrastructure Urban

Thriveni Logistics orders 200 tip trailers from Jagdamba trailers

Jagdamba Trailers (JTPL), one of India’s growing trailer manufacturers, has secured a significant order for 200 Tip Trailers from Thriveni Transport and Logistics Pvt. Ltd., a leading mining and logistics company serving operations across India and overseas.The order, placed for iron ore transportation, is a major milestone for JTPL, particularly as the company secured the business after competing with more than 10 established trailer manufacturers. It also strengthens an already successful relationship between the two companies. Approximately one and a half years ago, Thriveni Transport and..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code