India’s Reliance Industries is selling UAE and Iraqi crude in a rare spot market offer, following U.S. sanctions on Russian oil firms. Reliance operates the world’s largest refinery and has accelerated Middle East oil purchases. Now, the company is looking to offload Middle East crude and pivot away from Russian oil.
Reliance is offering Murban and Upper Zakum crude from UAE, and has sold Basrah Medium to a Greek buyer. Indian refiners are seeking additional barrels from the Middle East and the Americas to offset a decline in Russian loadings. This move comes as Reliance complies with U.S. sanctions and shifts its crude oil sourcing strategy.
Read more at Yahoo Finance: Indian Refiner Reliance Offers Rare Sale of Middle East Crude
