Reliance secures US licence to import Venezuelan oil, boosting refining margins

Reliance Industries has secured a US general license to import Venezuelan crude oil directly. This allows India's largest private refiner to resume buying discounted heavy feedstock. The Jamnagar refinery is well-equipped to process this type of crude. This move diversifies India's oil sources and optimizes refining margins. Other Indian companies are also benefiting from eased sanctions on Venezuela's energy sector.