US Secretary of State Marco Rubio is visiting Reliance Industries' Jamnagar refinery to discuss closer cooperation on refining Western Hemisphere energy supplies, including greater offtake of Venezuelan crude.
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01Summary
- 01Rubio will visit the Jamnagar refinery, the world's largest single-site refinery with capacity of 1.4 million barrels per day, on Wednesday.
- 02Reliance has emerged as the biggest buyer of Venezuelan crude outside the US as of end-September.
- 03US President Donald Trump has pushed India to buy more Venezuelan oil to replace Russian barrels.
- 04Trump announced in March that America will build its first new oil refinery in 50 years with investment from Reliance, but the company has not confirmed the size of the deal.
- 05Diesel prices have surged in the US, affecting truckers, farmers, and shippers, with midterm elections looming.
02Why it matters
Closer US-Reliance energy ties could affect global oil flows and diesel prices, which directly impact American consumers and Indian refining capacity.
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