Reliance Industries of India has launched an uncommon Middle Eastern oil sales plan.
India's largest private oil refiner, Reliance Industries, is seeking to sell some Middle Eastern oil cargoes to domestic and international buyers, a move that is quite unusual for Indian refiners who are usually major buyers. According to sources, Reliance is trying to sell oil varieties including Murban and Upper Zakum in the spot market. As India's largest private oil refiner, Reliance is usually a major importer of Middle Eastern and Russian oil. Western sanctions have made it more difficult and risky to purchase discounted Russian oil. Reliance was the largest importer of Russian crude oil in India this year, but after the US sanctions on Russia were imposed, the company purchased several million barrels of crude oil from the Middle East last month.
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