India Asks the US to Allow Purchase of Iranian and Venezuelan Oil Instead of Russian
India has set conditions for the US to limit its purchases of Russian oil, requesting permission to import oil from Iran and Venezuela, both currently under sanctions. It is known that New Delhi ceased cooperation with Iran in the oil sector back in 2019, and the country’s largest oil refining company, Reliance Industries, stopped purchasing Venezuelan oil this year due to increased restrictions from the US.
This is reported by AgroReview
Increase in Oil Product Exports and Dependence on Russian Raw Materials
Despite the pressure of sanctions and restrictions, Indian refiners are currently ramping up exports of gasoline and diesel to record levels in recent years. This has been made possible by the modernization of refining capacities, about a third of which rely on raw materials from the Russian Federation. According to estimates by the analytical company Wood Mackenzie, crude oil processing volumes in India could increase by 130,000–160,000 barrels per day by 2025, reaching approximately 5.51 million barrels per day. It is expected that gasoline exports this year could reach a record 400,000 barrels per day.
Reliance Industries and Trade with Russia
Since the beginning of Russia’s full-scale invasion of Ukraine, the Reliance Industries holding, owned by Asia’s richest businessman Mukesh Ambani, has purchased oil from Russia worth about 33 billion US dollars. This accounts for approximately 8% of the total oil exports from the Russian Federation during this period. In the first seven months of 2025, Reliance sourced nearly half of its import volumes from Russia.
India stopped purchasing Iranian oil back in 2019, and the country’s largest private refiner, Reliance Industries, halted purchases of Venezuelan oil this year due to increased sanctions from the US.
At the same time, India’s Commerce Minister Piyush Goyal announced that the country plans to increase its purchases of oil and gas from the US, seeking to establish a new trade agreement and diversify its energy resource sources.