Mukesh Ambani’s company Reliance Industries has been given permission by the US to buy oil from Venezuela. The impact of this news from the US was also seen on Reliance shares in the market. Despite the fall in the Sensex, RIL shares in the Indian market rose by 0.44% and closed at Rs 2988.
Reliance Industries got permission
If reports are to be believed, Reliance Industries will soon start buying crude oil from Venezuela. Let us tell you that Reliance Industries is India’s largest private sector refinery company.
Actually, America once again imposed sanctions on Venezuela a few days ago and banned the purchase of crude oil from there, but now America itself has given permission to Reliance Industries to buy oil. However, the American Treasury has not given any reaction to this news.
Let us tell you, apart from Reliance Industries, ONGC has also applied to the US Treasury for purchasing crude oil from Venezuela. Venezuela has large reserves of oil and it has been one of the major oil exporters in the world.
Venezuela is facing internal crisis
The US and Venezuela have often been at loggerheads. The US lifted the ban on gold and oil from Venezuela last year. The US took this decision after the country’s leaders assured it of conducting free and fair elections. After this, India started importing crude oil from Venezuela. According to data intelligence firm Kpler, 90% of India’s total oil imports were done by Reliance Industries.
However, within a few days Venezuela did not honor this agreement, due to which the US again imposed sanctions. Venezuela is a South American country, which is constantly struggling with political crises. Despite having immense oil mines, Venezuela’s economic condition is bad, the public is constantly struggling with problems like inflation, unemployment and increasing crime.
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