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Exclusive: India's Reliance Buys 5 Million Barrels of Iranian Oil After ...
Reliance Industries secured 5 million barrels of Iranian crude after a 30-day US sanctions waiver, marking India's first Iranian oil purchase since 2019, sources said.
- On Tuesday, Reliance Industries, operator of the world's biggest refining complex, purchased 5 million barrels of Iranian crude, according to three sources familiar with the transaction.
- The Trump administration issued a 30-day sanctions waiver on Friday for Iranian oil already at sea, marking India's first purchase of Iranian crude since May 2019.
- Purchased from the National Iranian Oil Company, the crude carried a premium of about $7 a barrel to ICE Brent futures, though delivery timing remained unclear.
- Other Asian refiners, including Indian state firms, are checking if they can purchase Iranian oil, while Chinese state giant Sinopec does not intend to buy the crude.
- Indian refiners recently snapped up more than 40 million barrels of Russian crude to ease supply shortages, as Iranian oil has mainly been bought by Chinese independent refiners in recent years.
14 Articles
14 Articles
Reliance buys 5 million barrels of Iranian oil after US waiver
Reliance Industries, operator of the world’s biggest refining complex, has purchased 5 million barrels of Iranian crude, days after the US temporarily removed sanctions on the oil, three sources familiar with the matter said on Tuesday.
Times of India
Reliance buys 5 million barrels of Iranian oil after US waiver, sources say
Reliance Industries, India's largest refiner, has bought 5 million barrels of Iranian crude oil. This marks India's first purchase from Iran since 2019. The deal follows a temporary US sanctions waiver allowing imports of oil already at sea. Other Asian refiners are also exploring purchases. Sinopec, however, has stated it does not intend to buy Iranian oil.
Reliance Snaps up Iranian Oil Cargo Amid Global Supply Jitters
Reliance Industries reportedly purchased 5 million barrels of crude oil from Iran. It marks India’s return to Iranian crude supplies after a five-year hiatus caused by US sanctions on Iran.What Led Reliance Industries to Make This Deal?According to sources, the deal was facilitated by the United States, which issued a temporary waiver on sanctions on Iranian crude oil, allowing refineries to import Iranian crude oil that was already on its way w…
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