Reliance Industries has acquired 5 million barrels of Iranian crude oil, sources indicate, following the U.S. temporary lifting of sanctions on Iranian oil. The Indian refiner purchased the oil from the National Iranian Oil Co., according to two unnamed individuals. The crude was priced at a premium of approximately $7 per barrel compared to ICE Brent futures, though the exact delivery timeline remains unspecified. Iranian oil, traditionally dominated by Chinese independent refiners, is often rebranded to appear as if it originates from other countries. Reliance did not comment on the transaction, nor did NIOC, the Iranian oil company, respond to inquiries. The U.S. sanctions waiver, issued by the Trump administration, allows the purchase of Iranian oil already at sea, with vessels loading oil on or before March 20 and discharging by April 19. This deal marks India’s first acquisition of Iranian oil since May 2019, when the world’s third-largest oil importer halted imports following renewed U.S. sanctions on Tehran. The purchase follows India’s refiners securing over 40 million barrels of Russian crude under a similar U.S. waiver. Other Asian refiners, including Indian state-owned firms, are evaluating the possibility of buying Iranian oil, though Sinopec, China’s top refiner, has stated it will not participate. The transaction highlights shifting dynamics in global oil markets, with nations exploring alternatives amid geopolitical tensions. The U.S. waiver underscores efforts to mitigate supply shortages, while India’s move reflects its strategic interest in diversifying energy sources.#iran #u_s #reliance_industries #national_iranian_oil_co #ice_brent
