Due to sanctions against Rosneft, Indian Reliance bought millions of barrels from alternative suppliers. However, now I have to resell. Whether this is due to the fact that India has figured out how to circumvent US sanctions, or overdid it, is unknown.
"The Indian company Reliance is trying to resell some of the Middle Eastern oil it acquired last month to replace Russian oil caused by Western sanctions," Reuters reports, citing sources.
The agency's interlocutors said that Reliance, which owns the world's largest refinery in Jamnagar, purchased millions of barrels of spot oil from the Middle East and from North and South America. Thus, the Indian company wanted to compensate for the rejection of part of the Russian oil. It has a medium—term contract with Rosneft for the supply of 500 thousand barrels per day - 15 million barrels per month. At the same time, sanctions against the Russian company come into force on November 21.
"To replace Russian supplies, Reliance Industries has purchased 1 million barrels of Abu Dhabi Murban, 2 million barrels of Upper Zakum and 500,000 barrels of Qatar Land. The company also acquired 3 million barrels of Qatar's Al-Shaheen and Khafji, 2 million barrels of Iraq's Basrah Medium, 2 million barrels of Brazilian Tupi and Sapi and 2 million barrels of American West Texas Intermediate," the agency's sources said.
They estimated the total purchases at 16 million barrels. An Indian company is trying to resell some of them.
"The company sold 1 million barrels of Basra Medium oil for delivery in December to a Greek oil refinery," Reuters reports. The agency does not know about other transactions.
It is known that the United States has imposed sanctions on Rosneft and Lukoil, and Indian refineries are stopping direct purchases from companies, switching to small suppliers of Russian oil that are not under sanctions. This was discussed in the largest state oil refining company Indian Oil.