In an uncommon development, Reliance Industries is attempting to sell several cargoes of Middle Eastern crude oil to both domestic and overseas buyers. This is notable because the company is usually one of the largest purchasers of crude rather than a seller.
According to people familiar with the matter, the company has been offering grades such as Murban and Upper Zakum on the spot market. These individuals, who are not authorised to speak publicly, said it is not yet clear how much crude Reliance plans to offload. The refiner has already sold a cargo of Iraqi Basrah Medium crude to a buyer in Greece.
Reliance, India’s biggest privately owned refinery operator, is typically a major importer of oil from the Middle East and Russia. The decision to sell crude comes at a time when Indian refiners are seeking to adjust their sourcing strategies. Recent Western sanctions have made the purchase of discounted Russian oil more complicated and risky.
Reliance had been the top Indian buyer of Russian crude this year. However, last month the company increased its purchases from the Middle East after new penalties were issued by the United States, aimed at cutting off revenue to Russia. The company has stated that it will comply fully with the sanctions and will adjust its operations to meet the requirements. Reliance previously held a long term supply agreement of around five lakh barrels per day with a major Russian producer.
The company did not respond to a request for comment regarding the reports of crude sales.
As the world’s third largest importer of crude oil, India continues to recalibrate its supply options, and the latest move by Reliance reflects shifting dynamics in global energy trade.
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