Reliance Industries has increased its purchase of crude oil from the Middle East. A report has claimed that at least 25 lakh barrels of oil have been purchased last week. This change has come to light at a time when America is increasing pressure on India to curb the import of Russian crude oil. This may affect the company’s operations and India’s energy strategy.
Bloomberg report quoted traders as saying that there has been a significant increase in Reliance’s purchasing activities in the Middle East region, which is being seen as an alternative to Russian supplies. This change will have a deep impact on the global crude oil market as well as India’s role.
Bought 25 lakh barrels from here Oil
According to the report, this private refinery company has purchased at least 25 lakh barrels of oil from Iraq’s Basra Medium, Al-Shaheen and Qatar Land. These purchases reflect more activity than Reliance’s normal buying pattern for Middle East crude. While the company has previously been more dependent on Russian oil, recent increased purchases from the Middle East indicate a change.
There was more shopping than usual
The report quoted traders as saying that apart from spot deals, Reliance is also inquiring about the availability of oil from a large number of quality fields like Russian crude. Traders said that the pace of recent purchases has been higher than normal.
America’s pressure on India
It is noteworthy that America is repeatedly increasing pressure on India and China not to buy Russian oil. America has also imposed an additional tariff of 25 percent on India for purchasing Russian oil. Earlier this month, Donald Trump had said that Prime Minister Narendra Modi had pledged to the US President that India would stop all purchases of oil 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.
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