India has demanded that the United States allow the purchase of oil from Venezuela and Iran—countries under sanctions—in exchange for a reduction in oil imports from the Russian Federation. This request comes amid ongoing trade negotiations between New Delhi and Washington.
This is reported by Business • Media
India Seeks Alternatives to Russian Oil
Since 2019, India has not purchased Iranian oil, and in 2025, the country’s leading private oil refiner, Reliance Industries, stopped buying oil from Venezuela due to increased US sanctions. Against this backdrop, Indian refineries are actively ramping up gasoline and diesel exports to record levels, as they have the capacity to expand crude oil processing. It is worth noting that one-third of all oil imported by India comes from Russia. According to Wood Mackenzie, crude oil processing volumes in India are expected to increase by 130–160 thousand barrels per day by 2025, reaching approximately 5.51 million barrels per day. Meanwhile, gasoline exports could hit a record high of around 400 thousand barrels per day.
The Role of Reliance Industries in India’s Oil Balance
The Reliance Industries holding, owned by Asia’s richest businessman Mukesh Ambani, has purchased $33 billion worth of oil from Russia since the beginning of the full-scale invasion of Ukraine. According to CREA estimates, this accounts for about 8% of the total oil exports from the Russian Federation during this period. In just the first seven months of 2025, Reliance sourced nearly 50% of its import supplies from Russian oil.
At the same time, India’s Minister of Commerce Piyush Goyal emphasized the country’s intention to increase oil and gas purchases from the US, which is expected to stimulate the conclusion of a new trade agreement with Washington.
India is seeking permission to purchase “black gold” from Venezuela and Iran, which are under sanctions.