Reliance Industries, operator of the world's largest refining complex, will suspend imports of Venezuelan oil due to new US tariffs

Reliance Industries, the Indian energy giant and operator of the world's largest refining complex, will stop importing oil from Venezuela following the announcement of a new 25% tariff by the United States on countries that purchase crude oil from the South American nation, three industry sources told Reuters.

The Indian company, which last year obtained approval from U.S. authorities to buy Venezuelan oil despite the sanctions in place, receives on average 2 million barrels a month of crude from Venezuela, according to data from the London Stock Exchange Group (LSEG).

According to LSEG trading records, Reliance is still scheduled to receive a Venezuelan shipment in early April. However, the executive order signed by U.S. President Donald Trump, states that beginning April 2, additional tariffs could be applied to all products imported from any country that buys Venezuelan oil.

Sources consulted by Reuters, who preferred to remain anonymous because they were not authorized to speak to the press, confirmed that Reliance has decided to suspend the purchase of Venezuelan crude oil to avoid being affected by the tariff measure. However, it is unclear whether the company will receive the cargo scheduled for April, one of the sources said.

Venezuelan heavy crude loading at the country's main oil ports has already shown a slowdown this week, following the announcement of the new tariffs.

Reliance operates two refineries in the western Indian state of Gujarat with a combined processing capacity of 1.4 million barrels of crude oil per day. The advanced technology of these facilities allows for the refining of heavier, cheaper oils, such as Merey Venezuelan.

This decision by Reliance could have an impact on the Venezuelan economy, which is already facing difficulties due to the sanctions imposed by the U.S. and the reduction of international buyers of its crude oil.