India's Reliance Wins US Licence for Venezuelan Oil

Reliance can now directly import Venezuelan oil to replace Russian supplies, sources say

Published on Feb. 13, 2026

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The United States has issued a general licence to India's Reliance Industries Ltd that will allow the refiner to buy Venezuelan oil directly without violating sanctions, according to two sources familiar with the matter. This move is expected to help Reliance replace Russian oil in a cost-effective way, as heavy crude from Venezuela is sold at a discount. The licence was granted following the U.S. capture of Venezuelan President Nicolas Maduro earlier this month, when Washington said it would ease sanctions on Venezuela's energy industry.

Why it matters

The licence issued to Reliance could speed up Venezuela's oil exports and reduce crude costs for the operator of the world's biggest refining complex. It also aligns with U.S. President Donald Trump's recent comments that India would buy more oil from the U.S. and potentially Venezuela, as Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer.

The details

Reliance applied for the general licence in early January, which authorizes the purchase, exportation, and sale of Venezuelan-origin oil that has already been extracted, including the refining of such oil. This will help Reliance replace Russian oil in a cost-effective way, as heavy crude from Caracas is sold at a discount. Reliance used to be a regular buyer of Venezuelan oil for its advanced refining complex, but had to stop purchases in early 2025 due to U.S. sanctions.

  • Reliance applied for the general licence in early January 2026.
  • The U.S. capture of Venezuelan President Nicolas Maduro occurred earlier this month (February 2026).
  • Reliance bought 2 million barrels of Venezuelan oil from trader Vitol earlier this month (February 2026).

The players

Reliance Industries Ltd

An Indian conglomerate and the operator of the world's biggest refining complex.

Nicolas Maduro

The former president of Venezuela, who was recently captured by the United States.

Donald Trump

The President of the United States, who has called for India to buy more oil from the U.S. and potentially Venezuela.

Vitol

A global energy and commodity trading company that was granted a U.S. licence to market and sell millions of barrels of Venezuelan oil after Maduro's capture.

Trafigura

A global commodity trading company that was also granted a U.S. licence to market and sell millions of barrels of Venezuelan oil after Maduro's capture.

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What’s next

The U.S. Office of Foreign Assets Control did not immediately respond outside of regular business hours, so it is unclear if there are any additional steps or requirements for Reliance to begin directly importing Venezuelan oil.

The takeaway

This licence granted to Reliance is a significant development that could help India reduce its reliance on Russian oil imports and diversify its energy sources, while also supporting Venezuela's efforts to rebuild its oil industry following the capture of President Maduro.