The Trump administration has offered India access to Venezuelan crude oil under strict US oversight, following the capture of Venezuelan President Nicolás Maduro on January 3, 2026 . This comes amid escalating pressure on New Delhi to reduce Russian oil imports, with President Trump warning of swift tariff hikes and Senator Lindsey Graham pushing a bill for up to 500% tariffs on offenders . Reliance Industries, India's largest refiner, is in talks with US State and Treasury departments for permits to resume purchases, after its last Venezuelan cargo arrived in May 2025 .

US Control Over Venezuelan Oil

Washington will market the oil globally, with revenues deposited into US-managed accounts to benefit Venezuelans and avoid regime corruption . Energy Secretary Chris Wright confirmed initial exports of 30-50 million barrels (up to $2 billion value), with control described as "indefinite" . Secretary of State Marco Rubio outlined a three-phase strategy starting with oil sales to drive Venezuelan reforms .

Pressure on India's Russian Imports

India imported Russian crude worth around $30 billion from April-November 2025, comprising 27-39% of total imports, with November hitting a six-month high of 7.7 million tonnes (34% share) . Trump linked existing 50% tariffs partly to these purchases, stating PM Modi knows his dissatisfaction . Reliance expects no Russian deliveries in January 2026, signaling potential cuts amid diversification .

Reliance and Market Impact

Reliance processed ~63,000 bpd Venezuelan crude in early 2025 under prior licenses, suiting its Jamnagar refineries for heavy grades . Pre-sanctions, India imported up to 300,000 bpd from Venezuela . Analysts see this as a diversification win, potentially replacing Russian volumes while US crude imports rose 92% year-on-year to November 2025.