Reliance Industries secures US license to resume direct Venezuelan oil imports
The United States granted India's Reliance Industries a license to buy Venezuelan crude directly. This move helps the refiner replace Russian oil supplies.
Insights:
The U.S. Office of Foreign Assets Control (OFAC) has issued a general licence to Reliance Industries Ltd permitting the company to directly purchase, export, sell and refine Venezuelan-origin crude oil that has already been extracted. The licence, announced today, represents a significant step in easing restrictions on Venezuelan energy sector transactions and follows recent U.S. actions this month to relax sanctions tied to a $2 billion oil supply deal and a proposed $100 billion reconstruction plan for Venezuela's oil industry.
