Reliance Industries Ltd has bought millions of barrels of crude from the Middle East and US after Washington sanctioned two Russian producers, raising concerns about a disruption to oil flows.
The private refiner purchased several grades, including Saudi Arabia’s Khafji, Iraq’s Basrah Medium and Qatar’s Al-Shaheen, along with some US West Texas Intermediate crude, said traders familiar with the matter, who asked not to be identified because they’re not authorised to speak to the media. Cargoes are expected to be delivered in December or January, they added.
Reliance has been India’s biggest importer of Russian oil by volume this year, taking crude via a long-term contract with Rosneft PJSC — one of the blacklisted companies. While the processor typically purchases Middle Eastern grades, the recent buying, including some transactions earlier this week prior to the US sanctions, has been more active than usual, the traders said.
Overall, Reliance has bought at least 10 million barrels from the spot market this month, with Middle Eastern grades making up the bulk of those purchases, and most of the crude acquired after the US penalties, the traders said.
A spokesman for Reliance didn’t immediately respond to comment on the matter.
Other Indian refiners are also in the market for spot cargoes, particularly from the Middle East, the US and Brazil, the traders said. Prices for grades such as Oman strengthened on Thursday, while prompt timespreads for the region’s benchmark Dubai rose. Global benchmark Brent surged more than 5%.
Flows of Russian oil to major Indian refiners are expected to fall sharply after Rosneft and Lukoil PJSC were sanctioned, with the exception of Rosneft-backed Nayara Energy Ltd. Some Chinese companies have also paused purchases as they assess the impact of the US penalties.
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Published on October 24, 2025
