Reliance Industries to suspend Venezuelan oil imports following U.S. tariff threats

Investing.com -- India’s Reliance Industries (NSE:RELI), operator of the world’s largest refining complex, has decided to stop importing Venezuelan oil, according to a Reuters report on Wednesday. This decision comes in response to the United States’ announcement of a 25% tariff on countries purchasing crude from Venezuela.

Reliance Industries, a major Indian conglomerate, had received permission from U.S. authorities last year to buy oil from Venezuela, a producer under sanctions. According to data from the LSEG, the company imports an average of 2 million barrels of Venezuelan crude every month.

The company had planned to receive a shipment of Venezuelan oil in early April, as indicated by LSEG trade flow data. However, the new executive order issued by U.S. President Donald Trump could lead to increased tariffs on all goods imported from any country that buys Venezuelan oil, effective from April 2 onwards. This potential increase in tariffs has led to Reliance Industries’ decision to halt its Venezuelan oil imports.

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