India: Reliance Industries is making inquiries about availability of crude oil from the Middle East, of quality similar to that of Russia’s, traders say.
Reliance Industries Ltd. bought middle-east crudes last week and may place more orders, in a sign that US pressure against India’s Russian oil imports may be starting to impact its procurement patterns.
RIL bought at least 2.5 million barrels, including Iraq’s Basrah Medium, as well as Al-Shaheen and Qatar Land, said traders familiar with the matter, who asked not to be named as they are not authorised to speak to the media. While Reliance’s typical diet does include crude from the region, the recent spurt of buying was more active than usual, the traders said.
On top of the flurry of spot purchases, Reliance has also been making enquiries to a large number of potential counterparties about the availability of oil from the region of quality similar to Russian crude, the traders said. The company has typically been the largest single buyer of Moscow’s crude in India, relying on the flows as a mainstay for its operations.
