Indian holding company Reliance Industries Limited has purchased at least 6 million barrels of russian oil after the supply of black gold from the Middle East was disrupted by the war in Iran.
Reuters reported this, citing its own sources on Monday, March 9.
Two unnamed sources told the agency that Reliance has bought russian Urals crude for delivery this month. The oil in question is in dozens of tankers that have been sitting in the Indian Ocean for months.
Reuters sources said that Reliance bought the oil at prices that range from a USD 1 discount to a USD 1 premium to the cost of benchmark Brent crude.
The agency notes that Indian oil refiners imported about 40% of oil from the Persian Gulf countries through the Strait of Hormuz, which is currently blocked due to the war between Israel and the United States against Iran.
As the Ukrainian News agency earlier reported, the day before, the United States allowed Indian companies to buy russian oil because of the situation in the Middle East. This refers to oil shipped to ships before March 5. The license will be valid for 30 days.
On the day it was announced by the US leadership, Indian Oil Corporation bought almost 2 million barrels of russian oil. Other Indian oil refiners have also begun to consider buying oil from russia.
Later, Washington said that the issuance of licenses to Indian oil refiners is a short-term measure and does not constitute a change in sanctions policy towards moscow.
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