Reliance Industries Secures 6 Million Barrels of Russian Oil Amid Middle East Supply Disruptions
Reliance buys 6 million barrels of Russian oil for March, sources say
The Economic Times
Image: The Economic Times
Reliance Industries Ltd, based in India, has acquired 6 million barrels of Russian Urals oil for March delivery due to disruptions in Middle Eastern supplies caused by the Iran war. This purchase follows a recent U.S. waiver allowing India to import Russian oil amid ongoing geopolitical tensions.
- 01Reliance Industries purchased 6 million barrels of Russian oil for March delivery.
- 02The acquisition comes after supply disruptions from the Middle East due to the Iran war.
- 03U.S. granted India a 30-day waiver from sanctions for Russian oil imports.
- 04Reliance acquired Urals oil at prices fluctuating from a $1 discount to a $1 premium over dated Brent.
- 05India remains a significant buyer of Russian crude oil despite geopolitical pressures.
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Reliance Industries Ltd, one of India's largest conglomerates, has secured 6 million barrels of Russian Urals oil for delivery in March. This decision follows disruptions in oil supplies from the Middle East, primarily due to the ongoing Iran war. Indian refiners have been actively purchasing Russian oil, particularly after the United States granted New Delhi a 30-day waiver from sanctions for cargoes loaded on vessels as of March 5. The prices for the Russian oil cargoes acquired by Reliance varied, with discounts and premiums ranging from $1 to $1 over the benchmark dated Brent. Despite facing pressure from Washington to reduce imports, India has been the leading buyer of Russian seaborne crude since the onset of the Ukraine invasion in 2022. The country imports approximately 40% of its oil from the Middle East, predominantly through the Strait of Hormuz.
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This oil acquisition may stabilize India's oil supply amid geopolitical tensions, ensuring continued energy availability for consumers and industries.
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