Reliance buys 2 million barrels of Venezuelan oil
The Hindu
Reliance Industries purchases 2 million barrels of discounted Venezuelan oil, marking its first acquisition from the country in nearly a year.
Reliance Industries has bought 2 million barrels of Venezuelan oil from trader Vitol, trade sources said on Thursday (February 4, 2026), the first purchase by the company from the South American nation in nearly a year.
Trading houses Vitol and Trafigura were granted U.S. licenses to market and sell millions of barrels of Venezuelan oil following the U.S. military operation last month to capture President Nicolas Maduro, and a subsequent supply agreement with interim President Delcy Rodriguez.
Reliance, which operates the world’s biggest refining complex, has bought Venezuelan crude for April delivery at a discount of around $6.5-$7 per barrel to ICE Brent, the trade sources said.
Reliance did not respond to a Reuters email seeking comment. Vitol said in an email that it had no comment to offer.
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