Reliance's Quest for Venezuelan Crude Amidst U.S. Negotiations

Reliance Industries is negotiating with the U.S. to resume buying Venezuelan crude, amid Western pressure to cut Russian oil imports. The Indian conglomerate is exploring Venezuelan oil as an alternative source, given the recent U.S.-Venezuela negotiations and Reliance's previous licenses for such imports.

Reliance Industries, India's private refiner, is seeking authorization from the U.S. to resume purchasing Venezuelan crude oil, according to sources familiar with the situation. This comes as the company aims to diversify its oil sources amid Western efforts to curb India's reliance on Russian oil.

Discussions are underway between Reliance representatives and the U.S. State and Treasury Departments. The backdrop to these talks includes U.S.-Venezuela negotiations, which aim to allow the shipment of 50 million barrels of oil following the U.S.'s capture of Nicolas Maduro. Historically, Reliance has obtained U.S. permits to import Venezuelan crude.

In light of recent U.S. actions that have curtailed licenses to Venezuelan oil partners, Reliance has expressed willingness to purchase Venezuelan crude from U.S. firms or other entities with Venezuelan operations, contingent on attractive pricing. This could potentially supplant some of the lost Russian oil supply, as Reliance has halted Russian imports under U.S. pressure.