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The Star
11-08-2025
- Business
- The Star
Reliance likely to switch back to Middle East oil
NEW DELHI: Reliance Industries is likely to shift back to its traditional Middle Eastern sources for oil if India yields to pressure from US president Donald Trump to cut Russian imports, trade sources say. India became the biggest buyer of seaborne Russian crude in the aftermath of Moscow's 2022 invasion of Ukraine and is under heavy pressure from Washington to cut its energy ties with Russia. India's biggest buyer, Reliance, operates the world's largest refining complex at Jamnagar in Gujarat where it can process about 1.4 million barrels per day (bpd). 'If Reliance stops buying Russian crude, it will most likely turn to Middle Eastern suppliers due to geographic proximity. The good news is that the Organization of the Petroleum Exporting Countries or Opec is increasing crude output as part of its plan to unwind voluntary cuts,' said Anh Pham, a senior analyst at LSEG. 'Any hit to Russian supplies will increase their participation (in the spot market) and that would tighten spot market and raise prices. They are a giant player,' said Tushar Tarun Bansal, senior director at oil consultancy Alvarez and Marsal. 'They have to take more of Middle Eastern grades, mainly from Saudi Arabia and the United Arab Emirates. Also, they would look at buying more from Latin America such as Brazil. At times (in the past) they also bought some of the North Sea stream, they could also go back to them,' Bansal said. Reliance did not immediately respond to a Reuters' request for comments. 'Reliance has the flexibility and trading know-how to revert to pre-Ukraine war procurement, so it may agree to change sourcing,' said Harry Tchilinguirian, group head of research at Onyx Capital Group. Indian state refiners paused Russian purchases in late July, Reuters reported, though Reliance continues to buy under a 500,000 bpd deal signed with Russia's Rosneft last year. The port of Sikka in western India, which handles Reliance imports, is scheduled to receive 22 cargoes from Russia this month, LSEG data showed. The state refiners were responding to threatened tariffs from Trump. Last Wednesday the United States imposed an additional 25% tariff on imports from India, citing its continued purchases of Russian oil. That was to take effect in 21 days and would raise duties on some Indian imports to as high as 50%. It has defended its purchases from Russia, which accounted for 35% of its supply in the first half of 2025, on economic grounds, and criticised the United States and the European Union for singling out New Delhi. Reliance is controlled by billionaire Mukesh Ambani. — Reuters
Zawya
08-08-2025
- Business
- Zawya
Reliance likely to switch back to Middle East oil if Russian supply dries up
Reliance Industries is likely to shift back to its traditional Middle Eastern sources for oil if India yields to pressure from U.S. President Donald Trump to cut Russian imports, trade sources said. India became the biggest buyer of seaborne Russian crude in the aftermath of Moscow's 2022 invasion of Ukraine and is under heavy pressure from Washington to cut its energy ties with Russia. India's biggest buyer, Reliance, operates the world's largest refining complex at Jamnagar in Gujarat where it can process about 1.4 million barrels per day (bpd). "If Reliance stops buying Russian crude, they will most likely turn to Middle Eastern suppliers due to geographic proximity. The good news is that OPEC is increasing crude output as part of its plan to unwind voluntary cuts," said Anh Pham, a senior analyst at LSEG. "Any hit to Russian supplies will increase their participation (in the spot market) and that would tighten spot market and raise prices. They are a giant player," said Tushar Tarun Bansal, senior director at oil consultancy Alvarez and Marsal. "They have to take more of Middle Eastern grades, mainly from Saudi Arabia and UAE. Also, they would look at buying more from Latin America such as Brazil. At times (in the past) they also bought some of the North Sea stream, they could also go back to them," Bansal said. Reliance did not immediately respond to a Reuters' request for comments. "Reliance has the flexibility and trading know-how to revert to pre-Ukraine war procurement, so they may agree to change sourcing," said Harry Tchilinguirian, group head of research at Onyx Capital Group. Indian state refiners paused Russian purchases in late July, Reuters reported, though Reliance continues to buy under a 500,000 bpd deal signed with Russia's Rosneft last year. The port of Sikka in western India, which handles Reliance imports, is scheduled to receive 22 cargoes from Russia this month, LSEG data shows. The state refiners were responding to threatened tariffs from Trump. On Wednesday the United States imposed an additional 25% tariff on imports from India, citing its continued purchases of Russian oil. That was to take effect in 21 days and would raise duties on some Indian imports to as high as 50%. It has defended its purchases from Russia, which accounted for 35% of its supply in the first half of 2025, on economic grounds, and criticised the U.S. and the European Union for singling out New Delhi. Reliance, which is controlled by billionaire Mukesh Ambani, said in its annual report on Thursday that political and tariff-related uncertainties could hurt trade flows and the demand-supply balance. (Reporting by Nidhi Verma; additional reporting by Siyi Liu and Florence Tan in Singapore; editing by Tony Munroe and Jason Neely)
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Business Standard
08-08-2025
- Business
- Business Standard
Reliance likely to switch back to West Asia oil if Russian supply dries up
Reliance Industries is likely to shift back to its traditional Middle Eastern sources for oil if India yields to pressure from US President Donald Trump to cut Russian imports, trade sources said. India became the biggest buyer of seaborne Russian crude in the aftermath of Moscow's 2022 invasion of Ukraine and is under heavy pressure from Washington to cut its energy ties with Russia. India's biggest buyer, Reliance, operates the world's largest refining complex at Jamnagar in Gujarat where it can process about 1.4 million barrels per day (bpd). "If Reliance stops buying Russian crude, they will most likely turn to Middle Eastern suppliers due to geographic proximity. The good news is that OPEC is increasing crude output as part of its plan to unwind voluntary cuts," said Anh Pham, a senior analyst at LSEG. "Any hit to Russian supplies will increase their participation (in the spot market) and that would tighten spot market and raise prices. They are a giant player," said Tushar Tarun Bansal, senior director at oil consultancy Alvarez and Marsal. "They have to take more of Middle Eastern grades, mainly from Saudi Arabia and UAE. Also, they would look at buying more from Latin America such as Brazil. At times (in the past) they also bought some of the North Sea stream, they could also go back to them," Bansal said. Reliance did not immediately respond to a Reuters' request for comments. "Reliance has the flexibility and trading know-how to revert to pre-Ukraine war procurement, so they may agree to change sourcing," said Harry Tchilinguirian, group head of research at Onyx Capital Group. Indian state refiners paused Russian purchases in late July, Reuters reported, though Reliance continues to buy under a 500,000 bpd deal signed with Russia's Rosneft last year. The port of Sikka in western India, which handles Reliance imports, is scheduled to receive 22 cargoes from Russia this month, LSEG data shows. The state refiners were responding to threatened tariffs from Trump. On Wednesday the United States imposed an additional 25 per cent tariff on imports from India, citing its continued purchases of Russian oil. That was to take effect in 21 days and would raise duties on some Indian imports to as high as 50per cent. It has defended its purchases from Russia, which accounted for 35per cent of its supply in the first half of 2025, on economic grounds, and criticised the US and the European Union for singling out New Delhi. Reliance, which is controlled by billionaire Mukesh Ambani, said in its annual report on Thursday that political and tariff-related uncertainties could hurt trade flows and the demand-supply balance.
Reuters
08-08-2025
- Business
- Reuters
Reliance likely to switch back to Middle East oil if Russian supply dries up
NEW DELHI, Aug 8 (Reuters) - Reliance Industries ( opens new tab is likely to shift back to its traditional Middle Eastern sources for oil if India yields to pressure from U.S. President Donald Trump to cut Russian imports, trade sources said. India became the biggest buyer of seaborne Russian crude in the aftermath of Moscow's 2022 invasion of Ukraine and is under heavy pressure from Washington to cut its energy ties with Russia. India's biggest buyer, Reliance, operates the world's largest refining complex at Jamnagar in Gujarat where it can process about 1.4 million barrels per day (bpd). "If Reliance stops buying Russian crude, they will most likely turn to Middle Eastern suppliers due to geographic proximity. The good news is that OPEC is increasing crude output as part of its plan to unwind voluntary cuts," said Anh Pham, a senior analyst at LSEG. "Any hit to Russian supplies will increase their participation (in the spot market) and that would tighten spot market and raise prices. They are a giant player," said Tushar Tarun Bansal, senior director at oil consultancy Alvarez and Marsal. "They have to take more of Middle Eastern grades, mainly from Saudi Arabia and UAE. Also, they would look at buying more from Latin America such as Brazil. At times (in the past) they also bought some of the North Sea stream, they could also go back to them," Bansal said. Reliance did not immediately respond to a Reuters' request for comments. "Reliance has the flexibility and trading know-how to revert to pre-Ukraine war procurement, so they may agree to change sourcing," said Harry Tchilinguirian, group head of research at Onyx Capital Group. Indian state refiners paused Russian purchases in late July, Reuters reported, though Reliance continues to buy under a 500,000 bpd deal signed with Russia's Rosneft ( opens new tab last year. The port of Sikka in western India, which handles Reliance imports, is scheduled to receive 22 cargoes from Russia this month, LSEG data shows. The state refiners were responding to threatened tariffs from Trump. On Wednesday the United States imposed an additional 25% tariff on imports from India, citing its continued purchases of Russian oil. That was to take effect in 21 days and would raise duties on some Indian imports to as high as 50%. It has defended its purchases from Russia, which accounted for 35% of its supply in the first half of 2025, on economic grounds, and criticised the U.S. and the European Union for singling out New Delhi. Reliance, which is controlled by billionaire Mukesh Ambani, said in its annual report on Thursday that political and tariff-related uncertainties could hurt trade flows and the demand-supply balance.
Yahoo
18-07-2025
- Business
- Yahoo
Oil rises after EU new sanctions on Russia, tight market supports
By Siyi Liu SINGAPORE (Reuters) -Oil prices rose on Friday after the European Union agreed to new sanctions against Russia, also underpinned by supply concerns following drone attacks on northern Iraqi oilfields and tight market fundamentals. Brent crude futures climbed 62 cents, or 0.89%, to $70.14 a barrel as of 0652 GMT, U.S. West Texas Intermediate crude futures advanced 64 cents, or 0.95%, to $68.18 a barrel. The EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, with measures aimed at dealing further blows to Russia's oil and energy industries. Its latest sanctions package will lower the G7's price cap for Russian crude oil to $47.6 per barrel, diplomats told Reuters. Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both contracts up by $1 on Thursday. Additionally, seasonal travel demand has propped up the market. In the first two weeks of July, global oil demand has averaged 105.2 million barrels per day (bpd), up by 600,000 bpd from a year earlier and largely in line with forecasts, JPMorgan analysts said in a research note. "Crude prices have been broadly stable this week, with no significant moves as the impact of OPEC+ supply increases has been offset by strong seasonal demand in the U.S.," said LSEG analyst Anh Pham. U.S. crude inventories fell by a larger-than-expected 3.9 million barrels last week compared with analysts' expectations in a Reuters poll for a 552,000-barrel draw, government data on Wednesday showed. Demand in Asia also firmed as refineries came back from maintenance amid peak seasonal demand. Near-term oil fundamentals are likely to remain supportive, with the market set to remain fairly tight through this quarter, before becoming better supplied from the last three months of the year, ING analysts said in a note on Friday. Still, the uncertainty around U.S. tariff policy, which appears unlikely to be settled until after August 1, is weighing on the market. Plans by major oil producers to remove output cuts will also add to supply as the seasonal Northern Hemisphere summer demand ends. For this week, both Brent and WTI were down by 0.30% and 0.42% respectively. Oil output in the semi-autonomous Kurdistan region has been slashed from about 280,000 bpd to between 140,000 bpd and 150,000 bpd, two energy officials said. Officials pointed to Iran-backed militias as the likely source of attacks this week on the region's oilfields, although no group has claimed responsibility. Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Turkey after a two-year halt. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
