U.S. Secretary of State Marco Rubio is urging India’s Reliance Industries to enhance its involvement in processing Venezuelan crude oil and to consider resuming oil production in Venezuela. During a visit to Mumbai, Rubio highlighted the potential for expanded cooperation with Reliance, which operates the massive Jamnagar refining complex in Gujarat, capable of handling heavy oil grades from Venezuela.
Rubio’s discussions with Reliance aim to address obstacles and explore opportunities for the company’s increased engagement in Venezuela’s oil sector, including potential production activities. Reliance’s Jamnagar refineries, which have a combined processing capacity of approximately 1.4 million barrels of crude oil per day, have previously processed Venezuelan crude, although the company currently does not operate oil production facilities in the South American nation.
This visit comes amid ongoing negotiations between the U.S. and India to finalize a trade agreement. Recently, the U.S. administration waived potential additional tariffs related to India’s imports of Russian crude oil, a decision that has faced criticism from some U.S. lawmakers advocating for stronger economic pressure on Russia. The administration plans to review its tariff policies in the coming weeks.
Rubio’s itinerary in India includes meetings with senior government officials, such as External Affairs Minister S. Jaishankar, and business leaders like Reliance Industries chairman Mukesh Ambani. These discussions are part of broader efforts by Washington to strengthen commercial ties with India while exploring opportunities for U.S. companies and international partners in Venezuela’s energy sector.
India, which imports more than 85% of its crude oil to fuel its growing economy, views access to diverse and reliable energy supplies as a priority. Expanded purchases of Venezuelan crude could offer Indian refiners additional supply options, while potential investment by Reliance in Venezuelan production could open up new avenues for bilateral energy cooperation.