US seeks Reliance support to refine Venezuelan crude
The US is seeking Reliance Industries’ help to refine more Venezuelan crude amid Iran-related market disruption. OI Charts data showed the stock at ₹1,202 on 19 Oct, with short build-up, 0.61 PCR and key positioning at ₹1,160 and ₹1,250.
after close1 source ↓machine-written, see hownot a recommendation
- RELIANCE close
- ₹1,202
- On the day
- -0.76%
- Futures OI, short build-up
- +0.3%
- Put-call ratio
- 0.61
- Max pain
- ₹1,210
The United States is seeking Reliance Industries’ support to increase the refining of Venezuelan crude as Washington looks for additional supplies amid market disruption from the Iran conflict. US Secretary of State Marco Rubio said the proposal would be discussed with Mukesh Ambani and his team during his three-day visit to Mumbai. Rubio is scheduled to visit Reliance’s Jamnagar complex in Gujarat on 22 Oct 2026, describing India as a “refining superpower” with the capacity to process Venezuela’s heavy, waxy crude. ⚡
The discussion matters because a larger flow of Venezuelan crude into India would connect geopolitics, refinery utilisation and crude sourcing for the energy sector. Rubio also said Reliance had pre-existing oil concessions in Venezuela that could produce more crude, although the excerpt did not specify a proposed volume, investment or commercial agreement. The US is separately encouraging India to purchase more American technologies and systems, adding a broader trade dimension to the visit. 🤝
OI Charts data for the 19 Oct 2026 session showed Reliance at ₹1,202, down 0.8%, with volume of 15,572,554 shares. The stock remained 25% below its 52-week high of ₹1,612, recorded on 5 Jan 2026, and 4% above its 52-week low of ₹1,152 on 13 Oct 2026. It gained 3.7% over five sessions but was down 2.0% over 20 sessions.
In derivatives, futures open interest rose 0.3% to 173,087,500 shares in a short build-up, while the futures premium stood at 0.45%. The put-call ratio was 0.61, with max pain at ₹1,210 for the 27 Oct expiry. The largest call open interest was at ₹1,250 and the largest put open interest at ₹1,160, marking the key positioning levels around the near-term contract.
The next price-sensitive developments are Rubio’s Jamnagar visit on 22 Oct, any confirmed terms on Venezuelan crude or concessions, and the 27 Oct derivatives expiry. The market will also assess whether the visit produces a binding commercial announcement or remains a diplomatic discussion. Reliance’s broader refining margins, crude availability and exposure to geopolitical supply disruptions remain relevant for the energy complex.
Source: ThePrint, 21 Oct 2026
Not investment advice. For informational purposes only.