While US President Donald Trump’s emergency tariffs face a crucial Supreme Court decision, India’s Reliance Industries is trying to secure a US permit to buy Venezuelan oil as it cuts Russian supplies, according to agencies.
The move by India’s most valued listed firm was reported by Reuters, citing two sources familiar with the matter. This came around the same time US Treasury Secretary Scott Bessent said that the government has enough cash (about $774 billion) to handle any tariff refunds if the Supreme Court rules that Trump’s emergency tariffs are illegal.
Meanwhile, Reliance Industries is reportedly in talks with the US State and Treasury departments to get approval to resume purchases of Venezuelan crude, which is under US sanctions, agencies stated.
Washington and Caracas are currently negotiating shipments of about 50 million barrels of Venezuelan oil after the ‘US action’ in the country and the capture of Venezuelan President Nicolás Maduro.
Venezuelan relief for India?
Reliance had earlier received special US licences that allowed it to import Venezuelan oil, and PDVSA supplied it with about 63,000 barrels per day in the first four months of 2025 before most licences were suspended, the reports stated. The last Venezuelan cargo is said to have arrived in India in May 2025, after which Washington threatened tariffs on buyers of Venezuelan crude while tightening pressure on Caracas.
If Venezuelan barrels replace some of the Russian crude flowing to India, Trump could also potentially bring down the tariffs he imposed on the nation. Moreover, if oil and gas players like Reliance receive US approval, India could diversify its supplies.
Reliance Industries stock has been bogged down by the fluctuations in the Indian bourses since the year began. Shares of the Mukesh Ambani-helmed giant have fallen more than 7 per cent year-to-date as of market close on Friday.
