Reliance Shares Rise After Venezuela Oil Developments

Shares of Reliance Industries Ltd (RIL) rose 1.18% on Monday, reaching a one-year high of Rs 1,611.20. The stock drew attention after global brokerage Jefferies said RIL, along with another oil refiner, could benefit from recent events in Venezuela’s oil industry.

Jefferies said oil refiners might gain from a possible US-led takeover or increased involvement in Venezuela’s oil sector.

The situation in Venezuela changed after President Nicolás Maduro was captured by US authorities on January 3 and taken to the United States. He faces charges including narco-terrorism and cocaine importation conspiracy.

After Maduro’s capture, US President Donald Trump said that US oil companies would invest an undisclosed amount to revive Venezuela’s oil infrastructure. This is expected to increase oil production, allowing more crude oil to reach the US and other global markets.

Experts say these changes could create opportunities for global refiners like Reliance, as higher oil supplies from Venezuela may help their operations and improve profits. Investors are closely watching the situation for its impact on the oil and energy sector.