Reliance buys 2 million barrels of Venezuelan oil

​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.