America has given permission to Mukesh Ambani’s company Reliance Industries to buy oil from Venezuela. The effect of this news from America was also seen on the shares of Reliance in the market. Despite the fall in Sensex, REL shares closed at Rs 2988, rising 0.44 percent in the Indian market.
Reliance Industries got permission
If reports are to be believed, Reliance Industries will soon start purchasing crude oil from Venezuela. Let us tell you that Reliance Industries is India’s largest private sector refinery company.
In fact, a few days ago, America once again imposed sanctions on Venezuela and banned the purchase of crude oil from there, but now America itself has allowed Reliance Industries to buy oil. However, the American Treasury has not given any reaction on 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 oil reserves and has been one of the world’s leading oil exporters.
Venezuela struggling with internal crisis
America and Venezuela often face each other. Last year, America lifted the ban on gold and oil from Venezuela. America had taken this decision after the leaders there assured to conduct fair elections in the country. After this, India started importing crude oil from Venezuela, according to data intelligence firm Kepler, 90 percent of the total oil imports by India were done by Reliance Industries.
However, within a few days, Venezuela did not respect this agreement, due to which America again imposed sanctions. Venezuela is a South American country, which is constantly struggling with political crises. Despite having immense oil mines, the economic condition of Venezuela is bad, the people are continuously struggling with problems like inflation, unemployment and increasing crime.
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