Bloomberg: Indian Reliance Actively Purchases Oil Outside Russia Amid US Sanctions.
Reliance Industries, India's largest importer of Russian oil, has purchased millions of barrels of crude oil from the Middle East and the United States after Washington imposed sanctions on major Russian oil companies and their subsidiaries. Bloomberg reports that the increased activity of this leading holding in the markets outside of Russia is linked to concerns about potential supply disruptions.
The refinery has acquired several grades of oil, including Saudi Khafji, Iraqi Basrah Medium, Qatari Al-Shaheen, and American West Texas Intermediate, according to the publication. The authors note that the purchases made this week were "more active than usual" in light of expectations that "supplies of Russian oil to major Indian refineries will sharply decline."
