US Secretary of State Marco Rubio is actively seeking to bolster ties between India’s Reliance Industries and Venezuela’s oil sector. During his recent visit to Mumbai, Rubio discussed plans to encourage Reliance to increase its processing of Venezuelan crude oil and explore opportunities for resuming oil production in Venezuela. Reliance, which operates the massive Jamnagar refining complex in Gujarat, has the capacity to process heavy Venezuelan crude, although it currently imports the oil rather than producing it.
Rubio’s discussions with Reliance aim to identify any obstacles and opportunities for the company’s greater involvement in Venezuela’s oil production activities. This move is part of Washington’s broader strategy to enhance commercial ties with India while exploring energy sector opportunities with international partners in Venezuela.
The timing of Rubio’s visit coincides with US-India efforts to finalize a trade agreement. The US administration has recently waived potential additional tariffs related to India’s purchases of Russian crude oil, a decision that has sparked debate among US lawmakers who advocate for increased economic pressure on Russia amid its ongoing conflict in Ukraine.
In addition to meeting with Reliance Industries’ chairman Mukesh Ambani, Rubio is scheduled to engage with senior Indian government officials, such as External Affairs Minister S. Jaishankar, to discuss energy cooperation and trade relations. India’s heavy reliance on imported crude oil—over 85% of its requirements—makes diversified and reliable energy supplies a crucial concern for its growing economy.
Expanded imports of Venezuelan crude could offer Indian refiners more supply options, while potential investments by Reliance in Venezuelan oil production could further opportunities for bilateral energy cooperation. The discussions underscore a concerted effort by the US to strengthen its economic and political ties with India amid global energy market shifts.