US Seeks to Expand Venezuelan Oil Sales to Reliance's Jamnagar Refinery in India

Key Facts

1The US is looking to expand sales of Venezuelan crude to India through Reliance's Jamnagar refinery.

2Reliance accounted for 74.3% of India's $3,585.6 million Venezuelan crude imports during April-August 2026.

The United States is looking to expand sales of Venezuelan crude oil to India through Reliance Industries' Jamnagar refinery. Business Standard reported that Reliance accounted for 74.3% of India's $3,585.6 million in Venezuelan crude imports during the period from April to August 2026.

The administration under President Donald Trump is seeking opportunities to sell high-sulphur crude oil that requires highly sophisticated refineries for processing. With a complexity index of 21:1, the Jamnagar refinery is uniquely capable of processing heavy, cheaper Venezuelan grades, aligning with current US energy trade interests.

India's Manufacturing PMI is scheduled for release on October 23, 2026, with a forecast of 55.4. Additionally, the US Goods Trade Balance is due on October 28, 2026, with an expected deficit of $88 billion, providing further context for international trade flows.