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This is a landmark change in the energy sector of India, with Reliance Industries Ltd (RIL) and its leaders headed by Mukesh Ambani having been granted a general licence by the United States to directly purchase, export and refine the Venezuelan crude oil and at the same time stay within the sanctions of the US. On February 13, 2026, Reuters and other sources reported that the approval was issued by the Office of Foreign Assets Control (OFAC) of the US Treasury Department based on people familiar with the situation.

In early January 2026, Reliance petitioned to license, after the US policy towards Venezuela changed with the shift in Caracas politics. The licence is empowering transactions in already-extracted oil of Venezuela origin including refining it in plants such as world-class Jamnagar refinery of RIL in Gujarat, the largest oil refinery in one site worldwide.

This action will help Reliance to restock imports of discounted heavy crude imported in Venezuela which is in sync with the configuration of Jamnagar to process sour and heavy grades. The market dynamics and sanctions tend to discount Venezuelan oil which may increase the refining margins of Reliance as it would add variety to its crude slate, and less dependence on Russian supply. Over the past years, India has been a significant purchaser of the discounted Russian oil, although Venezuelan feedstock is the less expensive option in the face of a changing international energy commerce.

It was reported that Reliance has already moved on the licence: It earlier in February 2026 bought some 2 million barrels of Venezuelan crude at the hands of a trader (Vitol) the first Indian import of such crude since the US took more control over the sale of Venezuelan oil. This is in lieu of past temporary waivers of previous imports that have lapsed in the year 2025.

The licence is occurring in the background of the US-India energy relationship whereby President Trump is urging India to buy more of the US and Venezuela. It may speed up the delivery of export to Venezuela, which will benefit the recovery in the South American economy oil sector and provide Reliance with more supply that can be adjusted.

Reliance has not made statements on the reports. This is being viewed by the industry observers as a strategic win by the refining division of the conglomerate, which will promote cost-efficiency and power security to India during the unpredictable global crude markets.

With changing geopolitical landscapes, the availability of the Venezuelan oil to Reliance presents a strength of its position in exploiting the international sanctions and trade policies.