REGULATORY · MARKET STRUCTURE · MIDDLE EAST
Reliance seeks Russian oil under US waiver
Change
Reliance Industries is seeking to buy Russian oil after the US issued India a temporary license covering Russian crude loaded onto tankers before March 5.
Why it matters
A US license issued late Thursday covers Russian crude loaded onto tankers before March 5. Reliance is seeking to buy Russian oil under this license. Reliance plans to process the barrels at its facility that produces fuels for the domestic Indian market. Reliance’s export-focused plant will continue running on non-Russian grades. Ship-tracking data compiled by Bloomberg show about 15 million barrels of Russian oil on tankers in the Arabian Sea and Bay of Bengal, and another 7 million idling near Singapore.
Implications
- • Purchases under the license are limited to Russian crude cargoes loaded before March 5.
- • Reliance’s domestic-market facility is described as processing Russian barrels while its export-focused plant continues on non-Russian grades.
Who is affected
- • Oil refiners
- • Crude oil traders
- • Oil shipping and tanker operators
- • Fuel producers supplying domestic markets
Source
Topics
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