Reliance Acquires 5 Million Barrels of Iranian Oil Following US Sanctions Waiver

Reliance Industries Makes First Purchase of Iranian Oil Since 2019

Reliance Industries, the operator of the world's largest refining complex, has acquired 5 million barrels of Iranian crude oil from National Iranian Oil Co., according to three sources familiar with the matter. The purchase comes just days after the U.S. temporarily lifted sanctions on Iranian oil.

Reliance Industries bought the oil at a premium of approximately $7 per barrel to ICE Brent futures, although the exact delivery date is unclear. The deal marks India's first purchase of Iranian oil since May 2019, when India halted imports from Iran following the reimposition of U.S. sanctions on Tehran.

The U.S. administration issued a 30-day sanctions waiver on Friday, allowing the purchase of Iranian oil already at sea. The waiver applies to oil loaded on any vessel, including tankers under sanctions, on or before March 20 and discharged by April 19.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Reliance Industries has purchased Iranian oil from National Iranian Oil Co., whereas other Asian refiners, including Indian state firms, are checking if they can purchase the oil. However, Sinopec, Asia's top refiner, has no intention of buying Iranian oil, according to a senior executive at the Chinese state giant.