Reliance Buys Iranian Oil After US Waiver
Analysis based on 9 articles · First reported Mar 24, 2026 · Last updated Mar 24, 2026
The purchase of Iranian crude by Reliance Industries, facilitated by a U.S. sanctions waiver, is expected to ease global supply shortages and potentially stabilize crude oil prices. This move also signals a shift in global oil trade dynamics, as refiners like Reliance Industries diversify their crude sources, impacting the market positions of other suppliers like Russia.
Reliance Industries, India's largest refiner, has purchased 5 million barrels of Iranian crude oil from National Iranian Tanker Company. This marks India's first purchase of Iranian oil since May 2019, when imports were halted due to U.S. sanctions. The deal follows a 30-day sanctions waiver issued by the United States, allowing for the purchase of Iranian oil already at sea. The crude was reportedly priced at a premium of about $7 a barrel to ICE Brent futures. This purchase comes after Indian refiners also acquired over 40 million barrels of Russian crude following another U.S. sanctions waiver earlier this month, indicating a broader strategy to secure diverse crude supplies amidst global supply concerns. While other Asian refiners are exploring similar deals, Sinopec, Asia's top refiner, has stated it does not intend to buy Iranian oil under the current conditions.
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