Reliance has increased its purchases from these countries, a report claim

New Delhi: Reliance Industries has increased its crude oil purchases from the Middle East. A report claims that at least 2.5 million barrels of oil were purchased last week. This change comes at a time when the United States is increasing pressure on India to curb Russian crude oil imports. This could impact the company’s operations and India’s energy strategy.

A Bloomberg report, quoting traders, said that Reliance has significantly increased its purchasing activity in the Middle East region, which is being seen as an alternative to Russian supplies. This change will have a profound impact on the global crude oil market as well as India’s role in it.

2.5 million barrels of oil purchased from here
According to the report, the private refinery company has purchased at least 2.5 million barrels of oil from Iraq’s Basra Medium, Al-Shaheen, and Qatar Land. These purchases reflect Reliance’s increased activity for Middle East crude oil than usual. While the company has previously relied heavily on Russian oil, the recent surge in purchases from the Middle East signals a shift.

Purchases Higher Than Normal
The report quoted traders as saying that in addition to spot deals, Reliance is also receiving a large number of inquiries about the availability of oil from regions with similar quality to Russian crude. Traders noted that the recent surge in purchases has been higher than normal.

US Pressure on India
It is noteworthy that the US has repeatedly increased pressure on India and China to stop purchasing Russian oil. The US has also imposed an additional 25% tariff on India for purchasing Russian oil. Earlier this month, Donald Trump stated that Prime Minister Narendra Modi had promised the US President that India would stop all oil purchases from Moscow until the war ends. However, New Delhi has denied any such talks.

Indian refiners said local refiners have broadly indicated they will reduce – but not stop – purchases from OPEC+ producers, the report said.