Reliance Industries Ltd has said it may return to buying Venezuelan crude oil, provided sales are permitted to companies outside the United States. The conglomerate, which operates world’s largest refining complex, said that it is waiting for regulatory clarity before taking a decision. “We await clarity on access for Venezuelan oil by non-US buyers and will consider buying the oil in a compliant manner,” a Reliance Industries spokesperson told Reuters. Industry sources cited by the firm further added that state-run refiners Indian Oil Corp and Hindustan Petroleum Corp are also prepared to consider Venezuelan oil if non-US companies are allowed to purchase it. Reliance had stopped buying Venezuelan crude last year in March, after US President Donald Trump announced a 25% tariff on countries purchasing oil from Venezuela. Its last cargo of Venezuelan oil was received in May last year.After the capture of Venezuela President Maduro by US forces on January 3, Caracas and Washington agreed to allow the export of up to $2 billion worth of Venezuelan crude, estimated at 30 to 50 million barrels, to the US. The company’s refining operations in Gujarat, with a combined capacity of around 1.4 million barrels per day, are designed to process heavier and cheaper crude grades, including Venezuela’s Merey oil. “If Venezuelan barrels re-enter global markets, they are likely to come at a discount, improving feedstock optionality and economics for compatible refiners, even if volumes remain limited,” Sumit Ritola, lead research analyst, refining and modelling at Kpler was quoted as saying by Reuters. According to LSEG trade flow data, several Indian refiners, including HPCL-Mittal Energy, Nayara Energy, Indian Oil Corp and Mangalore Refinery and Petrochemicals, have imported Venezuelan oil in the past. Ritola said Venezuelan crude could serve as a “politically acceptable diversification option” for India as it reassesses its energy sourcing. Meanwhile, India has faced growing pressure from Western nations to reduce purchases of Russian oil following Moscow’s invasion of Ukraine, amid concerns that oil revenues could be supporting Russia’s war effort. Last year, the United States doubled tariffs on Indian goods to 50%, alleging that New Delhi’s continued purchase of Russian oil fuels Moscow’s ‘war machine’ in Ukraine.Earlier on Wednesday, Trump cleared legislation intended to “punish” countries that continue doing business with Russia. While some state-owned refiners and Nayara Energy are expected to keep importing Russian crude, Reliance has said it will not take any Russian oil in January, a step that could drive India’s intake of Russian crude for the month to its lowest level in years. “We’ve already seen that Reliance has reduced its intake of Russian crude, which indicates refiners are willing and able to adapt when compliance or trade risks rise,” Ritola said.

India face a potential crisis in its middle-order lineup for the T20 World Cup 2026 after Tilak Varma‘s recent surgery raised doubts about his participation. The young batter’s injury has sparked intense discussions among fans and experts on suitable replacements. With the tournament approaching fast, selectors must weigh options carefully to maintain balance.

Tilak Varma’s injury setback ahead of the T20 World Cup 2026

Varma underwent emergency surgery for testicular torsion on January 7, 2026, while playing for Hyderabad in the Vijay Hazare Trophy in Rajkot. He experienced sudden acute pain in his abdominal region, leading to immediate hospitalization at Gokul Hospital, where scans confirmed the condition requiring urgent intervention. Doctors estimate a recovery period of three to four weeks, potentially ruling him out of the upcoming five-match T20I series against New Zealand starting January 21 and casting uncertainty over his T20 World Cup readiness.​

BCCI sources indicate Varma could return for the series finale on January 31, but fitness concerns linger given the high-stakes nature of the global event. His heroics in the Asia Cup 2025 final had cemented his role as a dynamic left-handed middle-order enforcer, blending power-hitting with composure under pressure. Speculation is rife that even if he recovers physically, match sharpness might be compromised, prompting calls for backups who can slot in seamlessly.​

3 players who can replace Tilak Varma if he misses out

1. Shreyas Iyer

Shreyas Iyer emerges as a prime candidate to fill Varma’s shoes, offering stability and tactical acumen in the middle order. The experienced right-hander boasts a T20I strike rate above 140, with recent domestic form showcasing his ability to anchor innings on tricky pitches. His leadership credentials, including captaining India in white-ball formats, make him ideal for high-pressure World Cup scenarios.

Also READ: Brother Vikas hits back at Virat Kohli’s critics ahead of IND vs NZ ODI series

2. Shubman Gill

Shubman Gill stands out for his elegant strokeplay and consistency at the top or number three. As the current ODI captain, Gill’s T20I average nears 35, complemented by a flair for accelerating in the powerplay or middle overs. His technical prowess against spin suits subcontinental conditions expected in the 2026 tournament across India and Sri Lanka.

3. Ruturaj Gaikwad

Ruturaj Gaikwad rounds out the trio with his IPL-honed finishing skills, holding a T20I strike rate over 145. Chennai Super Kings opener has evolved into a versatile middle-order option, excelling in chases with smart placements and six-hitting ability. Recent performances in domestic T20s underline his readiness to step up internationally.

These players bring unique strengths ensuring India’s campaign remains robust. Selectors face a strategic puzzle, but depth in talent offers reassurance amid Varma’s absence. The T20 World Cup 2026 promises fireworks, regardless of who wears the blue jersey.

Also READ: Fans go berserk as Ruturaj Gaikwad smashes a record breaking century against Goa in Vijay Hazare Trophy 2025-26

The TOI City Desk is an indefatigable team of journalists dedicated to bringing you the pulse of cities from across the nation, all day and all night. Our mission is to curate, report, and deliver city news that matters to readers of The Times of India. With a keen focus on urban life, governance, culture, and local issues, we provide a comprehensive view of the ever-evolving cityscapes. Our team works tirelessly to keep readers informed about the latest developments, ensuring that they are connected to the heartbeat of cities across India, right when it happens. The TOI City Desk is a trusted source for staying in touch with the local stories that shape your world.Read More

RCB’s Smriti Mandhana and MI’s Harmanpreet Kaur

Still riding high on the afterglow of their maiden ODI World Cup triumph, India’s women cricketers return to the spotlight as the fourth edition of the Women’s Premier League (WPL) gets underway on Friday. The tournament opener promises fireworks, with defending champions Mumbai Indians (MI) locking horns with Royal Challengers Bengaluru (RCB) at the DY Patil Stadium, widely regarded as the home of Indian women’s cricket.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!The high-profile clash also marks the beginning of the teams’ preparations for the T20 World Cup later this year. MI, led by Harmanpreet Kaur, enter the season as clear favourites, boasting arguably the most balanced squad in the league. With world-class all-rounders like Nat Sciver-Brunt, Hayley Matthews and Amelia Kerr, Mumbai combine power, depth and experience across departments. Their strong Indian core, including Amanjot Kaur and Saika Ishaque, further adds to their title credentials.

RCB, the 2024 champions, will look to counter MI’s dominance under the leadership of Smriti Mandhana. While the absence of Ellyse Perry is a significant blow, Mandhana’s form at the top and the presence of explosive names like Richa Ghosh, Grace Harris and Georgia Voll ensure RCB remain a serious threat. With both teams stacked with match-winners, the opener sets the tone for a fiercely competitive WPL season to be staged across Navi Mumbai and Vadodara.CLICK FOR FULL WPL COVERAGE Match Details

MI vs RCB Live Streaming & Telecast Details

Squads

The TOI correspondent from Washington: US commerce secretary Howard Lutnick has offered a blunt and unusually personal account of why a long-anticipated US–India trade agreement failed to materialise, placing the blame squarely on timing, political hesitation in New Delhi, and what he described as President Donald Trump’s deliberately competitive approach to deal-making. Among the reasons the deal did not happen: Prime Minister Modi’s reluctance to call the US President. Speaking to the All-In podcast hosted by Sri Lankan-origin venture capitalist Chamath Palihapitiya, Lutnick said India “did not grab the opportunity the United States presented” and waited too long to conclude negotiations, only to later seek terms comparable to those secured by the United Kingdom. By then, he said, the moment had passed.

At the heart of Lutnick’s explanation is what he called Trump’s “staircase” model of trade negotiations — a strategy designed to reward speed and decisiveness while penalising hesitation. Under this approach, the first country to conclude a deal receives the most favorable terms, setting a baseline that subsequent agreements must exceed. Each new deal, Lutnick said, moves “up and to the right,” making later bargains progressively more expensive or restrictive.“The first stair gets the best,” Lutnick explained. “After that, everyone says, ‘I want the UK deal.’ And the answer is no — they were first.”The United Kingdom, he said, moved quickly under a tight deadline. Lutnick recalled telling British officials they had “two Fridays” to finalise the agreement before the opportunity disappeared. Prime Minister Keir Starmer, he said, personally called Trump as the deadline approached, and the deal was concluded and publicly announced within days.India, by contrast, was given what Lutnick described as three Fridays — a “shot clock” to complete negotiations. During that window, Trump publicly signaled that India could be next, a message Lutnick said was meant to encourage urgency. But New Delhi hesitated, in part because of internal political considerations and discomfort with the optics of Prime Minister Narendra Modi personally calling Trump to seal the agreement.“I said, you’ve got to have Modi call the president,” Lutnick recounted. “They were uncomfortable doing so. Modi didn’t call.”As the deadline passed, the administration moved on. Over the following weeks, Washington announced a series of trade deals across Asia, including agreements with Indonesia, the Philippines and Vietnam. Those deals, Lutnick said, were negotiated at higher tariff and market-access levels than what India had been offered, precisely because the staircase had already moved upward.When Indian officials later returned to the table, Lutnick said, they were seeking terms that no longer existed — effectively asking for a deal “in between the UK and Vietnam,” which would have between 15 per cent and 20 per cent tariff. That, he said, was impossible.“They said, ‘But you agreed,’” Lutnick recalled. “And I said, then — not now.”Lutnick framed India’s predicament through an extended metaphor drawn from his early career as a trader, likening it to being stuck on the wrong side of a seesaw — a position where every move seems to make matters worse. In his telling, India repeatedly missed the moment when action would have paid off, while other countries stepped in and secured agreements.Despite the sharp tone, Lutnick suggested the breakdown was not the result of hostility but of misaligned timing and domestic political constraints. He acknowledged that trade negotiations are “deeply complex,” often requiring parliamentary approval and consensus-building that can slow decision-making. Still, he emphasised that the Trump administration had little patience for delay.“There are a lot of countries,” Lutnick said, “and each has its own deep internal politics. But the train doesn’t wait.”The episode underscores a broader shift in US trade policy under Trump, one that prioritises leverage, speed and visible wins over protracted negotiations. Lutnick portrayed the president as the ultimate “closer,” with himself as the “table setter” who structures deals but leaves final decisions to Trump. While Lutnick expressed confidence that the US and India would “work it out” eventually, his remarks make clear that any future agreement would come on less favorable terms than those once on offer. Trump too has not expressed any overt hostility towards India or Modi, insisting that the Prime Minister is a “great guy” and a “good friend.” But for India, the missed deal has become a cautionary tale about the cost of hesitation in a White House that sees trade not as a slow diplomatic process or a strategic subset, but as a competitive race with clear winners and losers.

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