Exclusive: India's Reliance buys 5 million barrels of Iranian oil after US waiver, sources say

Reliance Industries purchased 5 million barrels of Iranian crude, days after the U.S. temporarily removed sanctions on the oil. Reliance, operator of the world’s largest refining complex, executing this purchase could modestly affect regional crude flows and refining feedstock sourcing. The move highlights near-term shifts in trade/sanctions dynamics between Iran and major Asian refiners.

Analysis

Reliance Industries purchased 5 million barrels of Iranian crude, days after the U.S. temporarily removed sanctions on the oil. Reliance, operator of the world’s largest refining complex, executing this purchase could modestly affect regional crude flows and refining feedstock sourcing. The move highlights near-term shifts in trade/sanctions dynamics between Iran and major Asian refiners.