Reliance Industries, led by Indian billionaire Mukesh Ambani, has become the largest buyer of Venezuelan crude oil outside the U.S., importing 76% of India's 257,000 barrels per day from Venezuela in September. This comes as Reliance is also investing in a historic U.S. refinery project announced by former President Trump, who praised the deal as a $300 billion investment. Reliance's Jamnagar refinery is uniquely equipped to process heavy Venezuelan crude, supporting India's energy security amid geopolitical pressures to reduce Russian oil imports. Despite U.S. pressure, India remains the top buyer of Russian crude, highlighting its strategic balancing act in energy sourcing.
The Indian billionaire Mukesh Ambani's Reliance Industries is noted for its strategic crude oil sourcing, including Venezuelan and Russian supplies. For readers following the energy sector, here is Pluang's market snapshot as of Oct 08, 2026 13:31 WIB: Among 38 priced US energy stocks, 22 rose and 12 fell. Notable movers include Tidewater Inc (TDW) at USD 82.94 with a 1.06% increase and 100% buy order activity, Canadian Natural Resources Ltd. (CNQ) at USD 47.60 down 1.04%, and Petróleo Brasileiro SA (PBR) at USD 24.22 up 0.96% with 84% buy orders.
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