Near-miscible gas injection represents a number of processes of great importance to reservoir engineers, including hydrocarbon gas injection and CO 2 flood. Very little experimental data is available in the literature on displacements involving very low interfacial tension (IFT). In this paper, we present the results of a series of two-and three-phase gas injection (drainage) and oil injection (imbibition) core flood experiments for a gas/oil system at near-miscible (IFT = 0.04 mN m −1 ) conditions. Two different cores, a high-permeability (1000 mD) and a lower permeability (65 mD) core, were used in the experiments, and both water-and mixed-wet conditions were examined. The results show that, despite a very low gas/oil IFT, there is significant hysteresis between the imbibition and drainage oil and gas relative permeability (k r ) curves in the 65 mD core. Hysteresis was less for the 1000 mD core (in comparison to the 65 mD core), but it still could not be ignored. Near-miscible k r hysteresis was significant for both water-and mixed-wet systems. The presence of immobile water in the water-wet cores improved oil relative permeabilities but reduced gas relative permeabilities in both imbibition and drainage directions. As a result, oil recovery for gas injection experiments improved when the rock contained immobile water. Both oil and gas relative permeabilities reduced when the rock wettability was altered to mixed-wet from water-wet, and as a result, oil recovery by gas injection in the mixed-wet rock was less than that obtained under water-wet conditions. We offer explanations for these observations based on our understanding of the pore-scale interactions and mechanisms, the distribution of fluid phases, and their spreading behavior. The results help us better understand the impact of some of the important parameters pertinent to k r and its hysteresis, especially in very low IFT gas/oil systems and mixed-wet rocks. Understanding these effects and behavior is important for the improved prediction of the performance of gas injection and water-alternating-gas (WAG) injection in oil reservoirs.