Asia’s leading businessman Mukesh Ambani’s business has spread worldwide from oil to sports. But now he is preparing to play a big game in oil. Donald Trump’s tariff war is raging all over the world. Trump has made it clear that you have to pay a tariff if you want to do business. Mukesh Ambani has also responded to Trump on this decision.
Mukesh Ambani took a big decision
From Mukesh Ambani’s attitude, it seems clear that he does not want to pay a tariff to Trump. Mukesh Ambani has made a big decision due to the tariff war worldwide. He has decided not to buy oil from South American countries. Reliance Industries Limited (RIL), the country’s largest oil refinery, has temporarily stopped the purchase of crude oil from Venezuela. The decision has been taken after US President Donald Trump announced a 25% duty on oil -buying countries from Venezuela.
Will America a major loss?
Reliance Industries, India’s largest private refinery, is importing crude oil from Venezuela. The company received special permission for this import from US authorities last year. However, according to President Trump’s new order, 25% duty will be levied on any country that buy oil from Venezuela from April 2. India buys about 90% of oil from Venezuela.
Where will the oil supply?
Reliance Industries is currently awaiting the last consignment of Mere Grade Crude Oil from Venezuela, which has already departed. After this consignment, the company has decided to postpone additional purchases. Other Indian refineries are also buying oil from Venezuela. Now they can turn to oil imports from Russia to meet their needs as the availability and reach of oil from there is easy.
A great buyer of India Venezuela oil
India is a large buyer of Venezuela oil. He imported 22 million barrels of oil in 2024. The purchase increased to more than 2,54,000 barrels per day (BPD) in January, which is about half of Venezuela’s total exports of 557,000 BPD. Imports in December 2023 were about 1,91,600 barrels per day. In this, Reliance Industries (RIL) achieved 1,27,000 BPD. New tariffs can increase purchase costs for Indian refiners. The supply chain is also likely to be lost. The order states that tariffs will be applicable until a country stops importing oil from Venezuela for at least one year. However, America reserves the right to cancel it first.
