Indian billionaire Mukesh Ambani’s Reliance Industries has become the largest buyer of Venezuelan crude oil outside the U.S. This development comes amid President Trump’s push for India to increase its imports of Venezuelan oil, even as state-owned oil companies take advantage of the situation. Reliance is reported to be the primary buyer, with approximately 76% of India’s imports going to the company’s Jamnagar refinery, known for its capacity to process complex crude types.
In September, India imported 257,000 barrels per day of Venezuelan crude. Reliance, which is also investing in a significant U.S. oil refinery project announced by Trump, processed the bulk of this supply. The Jamnagar complex, acknowledged as the world’s largest single-site refinery, is particularly well-suited for heavy and extra-heavy Venezuelan grades.
Trump has highlighted the collaboration, proclaiming a historic $300 billion investment from Reliance for the U.S. refinery project. While the deal’s specifics remain unconfirmed, it signifies a notable economic partnership between the two nations.
As Reliance explores Venezuelan crude, India’s gaze also remains on Russian oil, with the country reportedly importing 1.82 million barrels per day from Russia in September, dominating over China’s imports. Despite competitive international pressures and potential tariffs from the U.S. aimed at discouraging purchases from Russia, Indian officials maintain that their procurement decisions focus on ensuring energy security.
For October, 350,000 barrels per day from Venezuela are anticipated for India, although delays may see some supplies arriving in November.
