India’s largest private refinery, Reliance Industries, finalized the acquisition of 2 million barrels of Venezuelan oil, in what represents the first purchase of the Asian country from the South American country since mid 2025. This operation follows the recent decision of the United States to allow the sale of Venezuelan crude oil to the South American country since mid-2025. Venezuelan crude to non-U.S. buyers, changing the commercial outlook for both countries.
According to sources cited by Bloomberg and other specialized media, the operation was facilitated by the trader Vitol, one of the two major intermediaries authorized by Washington to channel Venezuelan crude oil on the international market.
Russian crude oil reduction on India’s radar
This purchase is interpreted as a strategic step by India to progressively reduce its imports of Russian oil, in response to the commitments acquired within a trade agreement with the US, which seeks to condition the lowering of tariffs on Indian products to a reduction of Russian crude oil in its energy mix.
Until a few months ago, Reliance was one of the largest importers of crude oil from Russia, buying more than 500,000 barrels per day through agreements with Rosneft. However, U.S. sanctions on companies such as Rosneft and Lukoil forced a halt to these operations, forcing India to diversify its sources.
Positions of other Indian companies
State-owned Mangalore Refinery and Petrochemicals Limited (MRPL) is also considering purchases of Venezuelan oil. Its chief financial officer, Devendra Kumar, indicated that the company is analyzing commercial terms, especially freight costs, before making a final decision.
In addition to Vitol, the firm Trafigura has also been designated by the United States to handle part of the Venezuelan crude. Both companies are already offering cargoes for delivery to India and China during the months of March and April, in what could mark a reconfiguration of Venezuela’ s oil export routes to Asia.
A change that could last
The purchase of Reliance could be just the first step of a new phase in India-Venezuela trade relations, especially if the current conditions imposed by the U.S. are maintained. opening of the Venezuelan market represents a strategic opportunity for India, which is seeking to balance its energy policy between geopolitical pressure and the need to ensure a stable and competitive supply.
Source: OilPrice