Trump administration reverses stance on India-Russia oil ban, Reliance plans to snap up tens of millions of barrels in offshore inventory
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Golden Ten Data reported on March 6 that, according to informed sources, Reliance Industries is seeking to purchase Russian oil after obtaining a temporary procurement license from the United States for India. The source stated that the refining giant plans to process these crude oils at its facilities dedicated to producing fuel for the domestic Indian market. He added that the company’s export-oriented plants will continue to use non-Russian grades of crude oil. This exemption marks a significant shift in the stance of the Trump administration, which had previously exerted considerable pressure on New Delhi to curb its purchases of Russian oil. According to data from Kpler, Reliance Industries was India’s largest buyer of Russian oil last year, importing nearly 600,000 barrels per day.
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