Reliance Industries unit loading 2 million barrels of Venezuelan crude oil: Report

 Reliance Industries has begun loading a significant shipment of Venezuelan crude. This oil was directly purchased from Venezuela’s state-run oil firm, PDVSA. Reliance secured a US general license in February 2026, permitting such direct purchases. This move allows Reliance to diversify its crude sources and potentially replace some Russian supplies with discounted Venezuelan heavy oil. Reliance Industries has begun loading a significant shipment of Venezuelan crude. This oil was directly purchased from Venezuela’s state-run oil firm, PDVSA. Reliance secured a US general license in February 2026, permitting such direct purchases. This move allows Reliance to diversify its crude sources and potentially replace some Russian supplies with discounted Venezuelan heavy oil.