The Jamnagar complex, owned by Mukesh Ambani, is uniquely configured to process Venezuela’s heavy Merey crude. This technical advantage has become a primary driver for the current buying spree, as the feedstock is currently trading at a significant $16-per-barrel discount against Dated Brent. In stark contrast, Russian Urals crude is currently commanding a $10 premium, making the Venezuelan supply an essential margin-booster for India’s largest private refiner.
Following the U.S. government’s decision to grant a license for direct purchases, Reliance has rapidly scaled its activity. Kpler data indicates that September imports reached 250,000 barrels per day. Projections for October suggest this volume could climb as high as 460,000 barrels per day. Should these shipments successfully clear customs, India will mark its highest monthly intake of Venezuelan oil since the Trump administration first imposed sector-wide sanctions in 2019.
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