Chevron Resumes Venezuelan Oil Sales to India's Reliance

First shipment since 2023 as U.S. oil major navigates sanctions

Published on Feb. 24, 2026

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U.S. oil company Chevron has sold a cargo of Venezuelan Boscan crude oil to India's Reliance Industries, the first such sale since December 2023, according to ship tracking data and industry sources. The move marks Chevron's return to the Venezuelan oil market after a hiatus of nearly six years as the company navigates U.S. sanctions on the South American country.

Why it matters

Chevron's renewed Venezuelan oil sales to India's Reliance highlight the company's efforts to maintain a presence in the country despite ongoing U.S. sanctions. The move also reflects the continued importance of Venezuelan crude in global energy markets, particularly for refiners in Asia that have limited access to other heavy oil grades.

The details

The Boscan crude cargo was negotiated by Chevron this month and is the first sale of the heavy oil, which is used in asphalt production, to Reliance in about six years. The transaction marks Chevron's return to the Venezuelan oil market after the company scaled back operations in the country in 2019 due to U.S. sanctions.

  • Chevron last sold Venezuelan crude to Reliance in December 2023.
  • The latest cargo was negotiated and sold in February 2026.

The players

Chevron

A major U.S. oil company that has navigated sanctions to maintain a presence in Venezuela.

Reliance Industries

A large Indian conglomerate and one of the world's biggest oil refining companies, which has continued to purchase Venezuelan crude despite U.S. sanctions.

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What’s next

Chevron's ability to continue selling Venezuelan crude to Reliance will depend on the evolution of U.S. sanctions policy towards the South American country.

The takeaway

Chevron's latest Venezuelan oil sale to India's Reliance demonstrates the company's determination to preserve its position in the country's energy sector despite the challenges posed by U.S. sanctions, underscoring the complex geopolitical dynamics shaping global energy trade.