U.S. Secretary of State Marco Rubio is set to encourage India’s Reliance Industries to enhance its processing of Venezuelan crude oil and explore possibilities for resuming oil production in Venezuela. Speaking in Mumbai on Tuesday, Rubio highlighted plans to discuss expanding cooperation with Reliance, particularly at its Jamnagar refining complex in Gujarat, which is one of the world’s largest facilities and has previously processed Venezuelan crude.
Reliance’s Jamnagar refineries have a combined processing capacity of approximately 1.4 million barrels of crude oil per day. While the company currently imports Venezuelan oil, it does not operate production facilities in the South American country. Rubio aims to address potential obstacles and opportunities for Reliance to increase its involvement in Venezuela’s oil sector, which may include production activities.
This initiative comes amid broader efforts to strengthen U.S.-India trade relations and energy cooperation. Rubio’s visit coincides with ongoing negotiations between Washington and New Delhi to finalize a trade agreement. Recently, the U.S. administration waived potential additional tariffs linked to India’s purchases of Russian crude oil, a decision that could aid in advancing trade discussions. However, this move has faced criticism from some U.S. lawmakers who advocate for stronger economic measures against Russia due to its actions in Ukraine.
During his time in India, Rubio is also scheduled to meet with senior government officials, including External Affairs Minister S. Jaishankar, and business leaders such as Reliance Industries chairman Mukesh Ambani.
India, which imports more than 85% of its crude oil needs, prioritizes access to diverse and reliable energy supplies to support its growing economy. By increasing purchases of Venezuelan crude, Indian refiners could expand their supply options. Moreover, potential investment by Reliance in Venezuelan oil production could further enhance bilateral energy cooperation.
These discussions reflect Washington’s strategy to bolster commercial ties with India while exploring opportunities for U.S. companies and international partners in Venezuela’s energy sector. The outcome of Rubio’s discussions could significantly impact the future dynamics of energy cooperation between the U.S., India, and Venezuela.