Reliance Iranian Oil Deal Signals India’s Return to Tehran Crude
India’s Reliance Industries has made a major move in global energy markets. The company bought 5 million barrels of Iranian crude. This step follows a temporary U.S. sanctions waiver. The Reliance Iranian oil deal marks India’s first such purchase since 2019. At that time, imports stopped due to renewed sanctions. Now, the waiver has opened a short window for trade.
Details Behind the Purchase
Sources say Reliance bought the oil from National Iranian Oil Company. The crude was priced about $7 above ICE Brent futures. However, delivery details remain unclear.
In recent years, most Iranian oil went to China. Often, sellers rebranded it to avoid sanctions. This deal, therefore, signals a shift in buying patterns. Reliance has not commented on the purchase. Similarly, Iranian officials have stayed silent so far.
US Waiver Creates Opportunity
The waiver came from the administration of Donald Trump. It allows countries to buy Iranian oil already at sea. Importers can receive shipments loaded before March 20. They must unload them by April 19. As a result, buyers rushed to secure available cargo. Indian refiners had already increased purchases of Russian crude. This move followed another U.S. waiver aimed at easing supply shortages. Therefore, the latest deal fits a broader trend.
Mixed Response Across Asia
Other Asian refiners are now exploring similar deals. Indian state firms are checking if they can also import Iranian oil. However, not all companies are interested. China’s Sinopec has ruled out buying Iranian crude for now. This mixed response shows uncertainty in the market. Still, the Reliance Iranian oil deal could influence future decisions.
