According to two informed sources, the United States has issued a general license to India's Reliance Industries Limited, permitting the refinery to directly purchase Venezuelan oil without violating sanctions. Following the recent U.S. arrest of Maduro earlier this month, American officials indicated that Washington would ease sanctions on Venezuela's energy sector to facilitate a $2 billion oil supply agreement between Caracas and Washington, along with an ambitious $100 billion plan to rebuild Venezuela's oil industry. The general license authorizes the purchase, export, and sale of petroleum extracted from Venezuela, including refining activities. Granting the license to Reliance could accelerate Venezuela's oil exports and reduce crude costs for the world's largest refinery operator. Reliance applied for the license in early January but did not respond to emails seeking comment. The U.S. Office of Foreign Assets Control did not immediately respond outside regular business hours.

Venezuelan oil is expected to replace Russian oil supplies. Earlier this month, Reliance purchased 2 million barrels of Venezuelan oil from trader Vitol. Both Vitol and Trafigura obtained U.S. permission to sell millions of barrels of Venezuelan oil after Maduro's arrest. One source noted that since Caracas's heavy crude is sold at a discount, direct purchases of Venezuelan oil will help Reliance replace Russian oil in a cost-effective manner. U.S. President Trump earlier this month lifted a 25% punitive tariff on India and stated that New Delhi would increase oil purchases from the United States, and potentially from Venezuela as well. Refining and trade sources indicated that Indian refiners, including Reliance, are avoiding purchases of Russian oil for April delivery and are expected to steer clear of such deals for an extended period, a move that could support New Delhi's efforts to reach a trade agreement with Washington. Reliance was previously a regular buyer of Venezuelan oil, supplying its advanced refineries, but had to halt purchases in early 2025 due to U.S. sanctions. The company operates two refineries with a combined capacity of approximately 1.4 million barrels per day.