Reliance Industries Ltd has received a general licence from the US government allowing the Mukesh Ambani-led behemoth to directly purchase Venezuelan oil. The US — which has stepped up involvement in Venezuela’s oil sector after capturing the country’s president Nicolas Maduro last month — has been considering general licences to permit purchases, trading and investment. While RIL has received a licence to purchase directly, the India government has also asked public sector oil refiners to consider buying more US and Venezuelan crude. India has historically processed a significant volume of Venezuelan crude, which is heavy in nature. Access to cheaper Venezuelan heavy crude also supports RIL’s better petrochemical margins when converted into polymers and speciality chemicals.

Source: The Telegraph February 14, 2026 03:45 UTC