Reliance Halts Venezuelan Oil Purchases After US Tariff Move

Reliance Industries has temporarily stopped purchasing oil from Venezuela after US President Donald Trump approved a 25% tariff on countries importing crude from the South American nation.

Existing Shipment to Be Delivered

India’s largest private refiner is set to receive a shipment of Merey crude that is already on its way from Venezuela. However, any further purchases have been paused, according to sources familiar with the matter.

US Sanctions and Waivers

Reliance had received waivers from the US last year, allowing it to import Venezuelan crude. According to reports, since the start of 2025, the company has imported 6.5 million barrels. However, Trump’s latest executive order will impose secondary tariffs on nations importing Venezuelan oil starting April 2.

Shift Towards Other Oil Sources

Some Indian refiners previously bought Venezuelan oil through traders rather than directly from the country. However, Russian crude remains a preferred choice due to its lower cost and easy availability. Reliance continues to buy oil from Russia as well.

China’s Role in Venezuelan Oil Trade

China remains the biggest buyer of Venezuelan crude, accounting for over 40% of its exports in February. While some Chinese refiners may temporarily reduce purchases due to increased scrutiny, the overall trade in sanctioned oil is unlikely to stop.

About Reliance Industries Limited

Reliance Industries Limited is a multinational conglomerate based in Mumbai, Maharashtra, India. It operates across various sectors, including energy, petrochemicals, natural gas, retail, entertainment, telecommunications, media, and textiles.

As of March 27, 9:28 AM IST, Reliance Industries share price is trading at ₹1,280.65, up ₹7.60 (0.60%) for the day. The stock opened at ₹1,278.15, reached a high of ₹1,282.90, and a low of ₹1,271.30. The company has a market capitalisation of ₹17.33 lakh crore, a P/E ratio of 25.05, and a dividend yield of 0.39%. Over the past year, the stock has touched a 52-week high of ₹1,608.80 and a 52-week low of ₹1,156.00.

Conclusion

Reliance’s decision reflects the growing impact of US trade policies on global oil markets. While Venezuelan crude faces hurdles, alternative sources like Russian oil remain key.

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