Reliance Denies Purchasing Iranian Crude, Calls Claims Baseless
Reliance Industries Limited Denies Purchase of Iranian Crude Oil
On Thursday, Reliance Industries Limited dismissed a report by Reuters claiming that the company purchased 5 million barrels of Iranian crude oil. In a statement, the company stated that the reports were "baseless" and led to "misleading and incorrect claims." Reliance Industries Limited urged Reuters to verify facts before publication.
The controversy arose after Reuters reported that Reliance Industries, operator of the world's biggest refining complex, purchased 5 million barrels of Iranian crude oil days after the U.S. temporarily removed sanctions on the oil. According to sources familiar with the matter, the U.S. temporarily removed sanctions on Iranian oil on Friday, issuing a 30-day sanctions waiver for 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. This marks India's first purchase of Iranian oil since the country halted imports from Iran in May 2019, months after Washington reimposed sanctions on Tehran.
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Investor Takeaway
Investors should be cautious of potential market volatility due to ongoing sanctions and trade tensions.
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