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Marco Rubio to Discuss Increased Venezuelan Crude Oil Purchases During Jamnagar Visit
- •US Secretary of State Marco Rubio is scheduled to visit Reliance Industries' Jamnagar Refinery in Gujarat to discuss expanding crude oil purchases from Venezuela.
- •Rubio highlighted that Reliance possesses the technological capability to refine heavy crude and could utilize it more if supplies from Venezuela increase.
- •Discussions will also explore opportunities to increase oil production through existing rights held by Indian companies in Venezuela.
- •Venezuela holds the world's largest certified crude oil reserves at approximately 303 billion barrels, accounting for 17 percent of global totals.
- •India's crude oil imports from Venezuela rose to about 358000 barrels per day in August 2026, marking the highest level since 2020.
Key Questions Answered
US Secretary of State Marco Rubio is visiting Reliance Industries' Jamnagar Refinery in Gujarat to discuss opportunities for increasing crude oil purchases from Venezuela. During his trip, he will explore how India can utilize its heavy crude processing capabilities given its crucial role in the global energy market.
According to the US Energy Information Administration, Venezuela holds approximately 303 billion barrels of certified crude oil reserves, representing about 17% of the world's total reserves. However, its production and export capacities have been affected by years of underinvestment, outdated infrastructure, and sanctions.
Amidst fears of additional US tariffs, Reliance Industries had halted its oil purchases from Venezuela in 2025. Prior to this suspension, the company was regularly importing an average of about 2 million barrels of Venezuelan crude oil every month.
