Reliance Industries Ltd is seeking to sell select cargoes of Middle Eastern crude oil to domestic and international buyers, marking a rare shift for the Indian refiner. Typically a major importer, Reliance’s move reflects evolving trade strategies amid changing global supply dynamics and regulatory pressures.
Reliance Industries Ltd, India’s largest privately owned refiner, is offering cargoes of Middle Eastern crude oil—including grades like Murban and Upper Zakum—on the spot market. This marks a notable departure from its usual role as a major importer of oil from the Middle East and Russia.
According to Bloomberg, the company has already sold a cargo of Iraqi Basrah Medium crude to a Greek buyer. The volume of crude Reliance intends to offload remains undisclosed. The shift comes as Indian refiners, including Reliance, recalibrate sourcing strategies in response to Western sanctions and the need to maintain access to US and European markets.
Industry observers suggest this move may be part of a broader effort to optimize inventory and diversify trade flows, especially as Reliance scales back Russian crude imports.
Major Takeaways
- Reliance offering Middle Eastern crude cargoes on spot market
- Grades include Murban, Upper Zakum, and Basrah Medium
- First cargo sold to a Greek buyer
- Reflects shift from importer to selective seller
- Linked to evolving global trade and compliance strategies
Sources: Bloomberg News, Business Standard, Economic Times, Rigzone