Reliance Industries Likely To Offload Middle Eastern Crude To Local And Overseas Buyers

Reliance Industries Ltd., controlled by billionaire Mukesh Ambani, is offering to sell several cargoes of Middle Eastern crude oil on the spot market, a rare move for the Indian refiner, which is typically one of the largest buyers of oil globally.

Reliance Offers Murban and Upper Zakum Grades

According to a news report, Reliance has been seeking domestic and international buyers for crude grades, including Murban and Upper Zakum. The offers have been made on the spot market, though it remains unclear how much oil the company is looking to offload. Reliance has already sold a cargo of Iraqi Basrah Medium crude to a Greek buyer, marking a rare outbound trade for the firm.

As per the report, a Reliance Industries spokesperson did not respond to a request for comment.

Strategic Shift Amid Global Oil Market Volatility

The move has surprised industry observers, as Reliance Industries is traditionally a major importer of crude oil from the Middle East and Russia to feed its massive Jamnagar refining complex, one of the largest in the world. The decision to sell crude may reflect adjustments in sourcing and compliance strategies following recent geopolitical developments.

India, the world’s third-largest crude importer, has been working to diversify its supply sources after Western sanctions tightened on Russian oil. These measures have made accessing discounted Russian crude more challenging and raised compliance risks for refiners.

Impact of US Sanctions on Russian Oil

Reliance had been India’s top importer of Russian crude earlier this year, capitalising on discounted barrels amid geopolitical disruptions. However, the company shifted strategy in recent months, purchasing millions of barrels from Middle Eastern producers following new US sanctions aimed at cutting Russian oil revenues.

In a statement last month, Reliance confirmed that it would comply with US sanctions and adapt its operations to ensure regulatory adherence. The company previously maintained a term deal for about 500,000 barrels per day with Russian producer Rosneft PJSC.

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Conclusion

Reliance’s rare move to sell crude rather than buy highlights a changing energy landscape, where global refiners must navigate complex geopolitical, regulatory, and market dynamics. As sanctions pressures mount and price differentials fluctuate, flexibility in sourcing and trading will remain crucial for maintaining profitability in India’s fast-evolving oil ecosystem.

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