Trump’s tariffs: RIL halts importing Venezuelan oil
Virendra Pandit
New Delhi: Reliance Industries Ltd (RIL) has paused further purchases of Venezuelan crude after US President Donald Trump authorised a 25 percent tariff on countries buying the South American country’s oil, the media reported on Wednesday.
RIL, India’s largest privately-owned refiner, is expected to take delivery of a cargo of Merey crude that is currently en route from Venezuela, but additional buying has been put on hold, the reports said.
Reliance secured waivers from the US in 2024 to resume importing crude from Venezuela, and Kpler estimates the refiner has taken 6.5 million barrels since the start of the year 2025.
President Trump’s executive order issued on Monday, however, will target any nation taking Venezuelan oil with “secondary” tariffs, with effect from April 2.
Other Indian refiners at times last year purchased Venezuelan oil from traders rather than the nation directly, but cheap and more accessible Russian crude has long been a more attractive source of supply. Reliance also buys Russian oil.
China has been the single largest buyer of Venezuela’s crude, taking more than 40 percent of its oil exports in February 2025. The nation’s private refiners, which process most of the crude, may temporarily pause purchases as scrutiny increases but the flow of sanctioned oil is unlikely to stop.
