Overview
- Reliance Industries, which issued its statement Thursday, called reports that it bought Iranian-origin oil baseless and urged outlets to verify facts before publishing.
- Reuters had reported earlier this week, citing three unnamed sources, that Reliance purchased about 5 million barrels of Iranian crude, a claim the company has not confirmed.
- The U.S. issued a 30-day waiver that only covers oil loaded on or before March 20 and delivered by April 19, creating a short-lived opening that prompted trading interest.
- Other Asian refiners were described as evaluating the window, while a senior Sinopec executive said the Chinese firm does not plan to buy and reports said Indian state-run refiners were cautious due to regulatory and operational risks.
- Reliance runs the Jamnagar complex in India, the world’s largest refinery site at roughly 1.4 million barrels per day, and it typically buys a wide mix of crude from Russia, the Middle East, and the Americas.