Mukesh Ambani's Reliance trying to re sell Middle Eastern crude in rare move

Economic Times
Economic Times 3M India
Reliance Industries is now selling Middle Eastern crude oil after halting Russian imports due to sanctions. This shift is significant as it reflects the company's adaptation to geopolitical pressures in the oil market.
Mukesh Ambani's Reliance trying to re sell Middle Eastern crude in rare move
Why it matters
Reliance Industries, one of India's largest oil refiners, has made a notable shift by reselling Middle Eastern crude oil after ceasing its imports from Russia due to recent Western sanctions. The company had been a significant importer of Russian oil, particularly from Rosneft, but has adapted its operations by purchasing approximately 12 million barrels of crude from the Middle East and the Americas. This includes various grades of oil from countries like Abu Dhabi, Qatar, Iraq, Brazil, and the U.S. The decision to resell some of these cargoes, including a sale of 1 million barrels of Basra Medium crude to a Greek refiner, indicates Reliance's strategic maneuvering in response to the evolving geopolitical landscape. The company is also facing challenges in reselling these cargoes profitably due to high freight costs and fluctuating prices in the market.
TOPICS

Energy & Power Oil & Gas

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