Indian holding company Reliance Industries has bought 5 million barrels of Iranian oil after the US temporarily lifted restrictions on this oil amid market concerns over the situation in the Middle East.
Reuters reported this, citing its own sources on Tuesday, March 24.
The agency's unnamed interlocutors said that Reliance bought oil from the National Iranian Oil Company (NIOC). One of them added that the price of oil was set at a premium of about USD 7 per barrel to futures for the benchmark Brent crude.
The deal marks India's first purchase of oil from Iran since Indian refiners suspended imports of Iranian crude in May 2019.
The deal between Reliance and NIOC comes after Indian companies bought more than 40 million barrels of russian crude as the US lifted restrictions on aggressor country russia for a month to stabilize the market.
The Reuters sources added that several Asian refiners are also checking the possibility of buying oil from NIOC.
As the Ukrainian News agency earlier reported, on March 5, it became known that Indian oil refiners resumed imports of russian oil to compensate for the loss of oil from the Middle East.
According to Reuters, the Indian holding company Reliance Industries bought 6 million barrels of oil from russia, which was stored in tankers in the Indian Ocean.
Later, Bloomberg reported that the price of russian oil in India has jumped by USD 40 per barrel because of the war against Iran.
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