Reliance Industries Ltd on 24 July announced receiving approval from the US  to resume importing oil from Venezuela despite White House sanctions on the country. 

India’s largest privately owned refiner is set to start purchasing Venezuelan crude soon, sources indicated anonymously. Data intelligence firm Kpler reported that Reliance represented approximately 90% of India’s crude imports from Venezuela after the sanctions were lifted last year. 

Washington had temporarily lifted restrictions on Venezuela’s gold and oil sectors when President Nicolas Maduro and the opposition signed a deal for free and fair elections. The sanctions were reinstated in April after Venezuela failed to honour the agreement, prompting oil companies to seek permits from the US Treasury to continue their operations.

Venezuela’s crude exports for a day during June climbed to 6,54,000 barrels per day, which is highest since April 2020, after the US granted a specific licence for companies to continue drilling in the country despite sanctions being in place. 

Companies such as Oil and Natural Gas Corp.’s overseas investment arm ONGC Videsh Ltd have also applied for waivers to import crude from Venezuela.

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