India’s largest private refiner Reliance Industries has taken a big decision to buy 5 million barrels of crude oil from Iran. This purchase has been made after America temporarily lifted the sanctions on Iranian oil. According to Reuters report, America has given this relaxation to normalize the supply of oil in the international market. Mukesh Ambani-led Reliance is now taking advantage of this change in the global market.
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What is the relaxation of US sanctions and its timeline?
The US Treasury Department has lifted the sanctions on Iranian oil from March 20, 2026. This suspension will currently remain in effect only till April 19, 2026. According to US Treasury Secretary Scott Bessant, this decision is likely to bring about 140 million barrels of oil into the global market. This step has been taken due to the increasing tension between Iran and America and the fear of stopping the oil supply in the Strait of Hormuz because 20 percent of the world’s oil comes through this route.
Complete data of oil purchase of Reliance Industries
Reliance has signed an agreement to buy huge quantities of oil not only from Iran but also from Russia. In recent times, the company has imported oil from many countries for its needs. Its complete information is given in the table below:
Source of oil Oil quantity Concession or agreement period Iran (Iranian Oil) 50 lakh barrels valid till 19 April 2026 Russia (Russian Crude) 60 lakh barrels valid till 4 April 2026 Brownsville (Texas USA) Fuel purchase agreement of 20 years
American Refinery Project and the future of Reliance
President Trump has announced a new $300 billion oil refinery project in Brownsville, Texas. Reliance Industries has signed a 20-year agreement to purchase fuel from this project. This is a big update for the Indian energy sector as it will ensure long-term oil supply. It is proving quite beneficial for Indian refiners to buy cheap oil from countries like Russia and Iran.
