U.S. Secretary of State Marco Rubio said he will explore whether Reliance Industries can process more Venezuelan crude and pursue production opportunities there, potentially adding to global oil supplies.
Speaking to reporters in Mumbai on Oct. 20, Rubio said Reliance had processed Venezuelan heavy crude before and could handle more if supply grows. He also cited India's refining capacity as a reason its companies could help bring additional oil to market.
Rubio said Indian companies hold concessions in Venezuela that could support higher production. He presented Reliance's possible involvement in production as a subject for discussion, without announcing a project or agreement.
On the supply outlook, Rubio distinguished between immediate relief and longer-term production. Venezuelan oil could provide some short-term relief but could not fill the wider gap quickly, he said. Over time, he said, Venezuela could close it.
Rubio said existing U.S. sanctions on the Maduro government could complicate efforts to expand production. He expects to examine both the obstacles and the opportunities when he meets Reliance representatives.
Reliance says its Jamnagar refinery complex can process 1.4 million barrels of crude a day. Rubio did not specify how much additional Venezuelan crude the company might process.
The oil discussion comes as Washington and New Delhi work toward a trade agreement. Rubio said few issues remained and described India's diversification of energy sources as showing "substantial progress." The governments announced a framework for an interim trade agreement in February that proposed lower Indian tariffs on U.S. industrial products and selected agricultural goods.
The Office of the U.S. Trade Representative estimated two-way goods trade at $149.4 billion in 2025. Rubio is due to meet Reliance representatives in Jamnagar on Oct. 21 to discuss Venezuelan crude processing and explore production opportunities.
