Indian oil refining giant seeks to buy Russian oil after temporary US waiver - Bloomberg
Kyiv • UNN
Indian company Reliance Industries Ltd. plans to purchase Russian oil after receiving a temporary license from the United States. This decision will allow India to ease pressure on energy markets caused by the conflict in the Middle East.
Indian company Reliance Industries Ltd. seeks to acquire Russian oil after the US granted India a license for temporary purchases of consignments, according to a source familiar with the situation, Bloomberg reports, writes UNN.
Details
The refining giant plans to process the oil at its facility, which produces fuel for the domestic Indian market, the source said. The company's export-oriented plant will continue to operate on non-Russian crude grades, the source added.
This authorization marks a significant turnaround in the Trump administration's policy, which had put significant pressure on New Delhi to reduce its purchases of Russian oil. According to Kpler, last year Reliance was the largest buyer of oil from the OPEC+ member country, importing almost 600,000 barrels per day.
The conflict in the Middle East has disrupted energy supplies from the region, leading to rising oil and natural gas prices, and the US authorization is intended to ease this pressure. A large amount of Russian oil remains on tankers in the region, allowing Indian refineries to quickly ramp up purchases.
According to Kpler, about 70% of Reliance's oil imports in 2026 come from the Middle East. According to Kpler, the company's purchases of Russian oil have fallen to about one-tenth of last year's level after the EU ban on imports of petroleum products produced using Russian oil.
The US license was issued late Thursday evening and applies to Russian oil loaded on tankers until March 5. According to Bloomberg, about 15 million barrels of Russian oil are on tankers in the Arabian Sea and the Bay of Bengal, with another 7 million idle near Singapore.