RIReliance Industries500325Oil refining

Reliance's Jamnagar refinery seen as key to processing Venezuelan crude as Russian supply shrinks

By ScoutQuest · Wed 21 Oct 2026, 1:10 PM IST · 1 min read

Indian Oil refining capacity

70.25 million tonnes

Indian Oil market share

27 percent

Reliance refining capacity

68.2 million tonnes

Reliance market share

26 percent

Jamnagar daily processing

1.4 billion barrels a day

Heard on business television between 13:10:43 - 13:13:43 IST.

• Reliance's Jamnagar refinery capacity is at 68.2 million tonnes, about 26% share, second after Indian Oil's 70.25 million tonnes (27%).
• Jefferies called Jamnagar one of the largest and most complex single-location refineries globally, processing over 1.4 billion barrels a day, about 1.5% of world refining capacity.
• Rubio, in an exclusive Network18 conversation, cited Reliance's refining scale as the reason for his Jamnagar visit.
• Venezuelan crude, heavy and sour, was offered in March 2026 at around $16/barrel discount to Brent and Urals; India took nearly 10% of its crude imports from Venezuela in May 2026.
• Energy Intelligence said Reliance is the only Indian refiner able to take large sustained volumes of Venezuelan crude at Jamnagar, though S&P cautioned in January that Venezuelan barrels are not a like-for-like replacement for Russian crude due to quality and cost differences.

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