India’s largest refiner Reliance Industries would consider buying Venezuelan crude if the US permits sales to non-US buyers — a development that could impact MENA suppliers as Saudi Arabia and Iraq have increased exports to India in recent months. Reliance is awaiting clarity on whether Venezuelan purchases would be allowed within a sanctions-compliant framework, Reuters reports citing a company statement.

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State-run refiners, Indian Oil Corporation and Hindustan Petroleum Corporation are also keen to buy the Venezuelan crude, the newswire added. HPCL-Mittal Energy, Nayara Energy and Mangalore Refinery and Petrochemicals were among the buyers in the past.

Context: Reliance operates about 1.4 mn bbl/d of refining capacity in Jamnagar, which is configured to process heavier grades such as Venezuela’s Merey crude. The refiner halted Venezuelan imports after March 2025, when US President Donald Trump imposed a 25% tariff on crude purchased from Venezuela by third countries. The company’s last Venezuelan cargo arrived in May 2025, the newswire added.

What’s next? Indian refiners are awaiting US guidance on whether non-US buyers will be permitted to access Venezuelan crude. Until then, Gulf suppliers remain the primary anchor for India’s crude import basket while refiners assess potential heavy-grade options from Latin America.

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