Reliance Industries shares in focus today after reports that US granted licence to buy Venezuelan oil

Shares of Reliance Industries Ltd are firmly in the spotlight today following a major development in global oil markets and international trade. According to Reuters report, the United States has issued a general licence to Reliance Industries that allows the Indian energy and petrochemicals giant to purchase Venezuelan crude oil directly without violating U.S. sanctions. This licence clears a key regulatory hurdle and could significantly reduce crude oil costs for the operator of the world’s largest refining complex in western India.

The licence authorises the purchase, exportation and refining of Venezuelan-origin oil that has already been extracted. Analysts say this move could accelerate Venezuelan oil exports and strengthen Reliance’s supply chain, particularly at a time when global crude markets are adjusting to geopolitical shifts and sanctions regimes.

This development follows broader changes in U.S. policy toward Venezuela’s energy sector. Recent easing of sanctions and supply agreements between Washington and Caracas are aimed at reviving Venezuelan oil output, part of a multi-billion-dollar reconstruction strategy for the nation’s impact-hit oil industry.

For Reliance Industries, the licence comes amid efforts to diversify crude procurement and reduce dependence on traditional sources like the Middle East and Russia. In fact, industry sources reported that the company has already purchased around 2 million barrels of Venezuelan crude for April delivery from international traders — a sign that supply diversification is underway.