Rubio to encourage India's Reliance to produce, refine more Venezuelan oil

US Secretary of State Marco Rubio said on Tuesday he would urge Reliance Industries to process more Venezuelan crude at its Indian refineries and revisit the possibility of the company producing oil in Venezuela. Business Recorder reported that Rubio made the comments in Mumbai, where he is meeting Indian government and business leaders.

Reliance’s Jamnagar refining complex has capacity to handle about 1.4 million barrels of crude daily, and the company has become a significant buyer of Venezuelan oil as production there has risen. Reliance is not currently active in Venezuela, though Rubio said the company’s past presence and refining capabilities would be part of discussions.

The visit also comes as Washington and New Delhi move closer to a trade agreement. President Donald Trump recently waived potential tariffs tied to India’s purchases of Russian crude, and Rubio said completing a trade deal was among the factors behind that decision; the US will conduct a 60-day review of possible tariffs.