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Reliance Industries Ltd. supplied US oil to different consumers in Asia final week, an uncommon transfer for refiners who not often search to resell crude inside weeks of shopping for it.
India’s greatest non-public processor tried to promote West Texas Intermediate Midland crude for May loading, in line with merchants with data of the matter who requested to not be recognized as the knowledge is non-public. Reliance didn’t instantly reply to a request for remark.
India moved away from a few of its extra conventional suppliers after the invasion of Ukraine in 2022, making the most of cheaper oil from Russia shunned by different consumers. Purchases cooled lately as US toughened sanctions on Moscow and cargoes of Sokol crude, a key grade, had been amongst these left in limbo.
The South Asian nation has lately resumed purchases of Sokol, which can have inspired giant consumers like Reliance to promote on costlier alternate options. US officers mentioned earlier this month they’d not anticipated New Delhi’s processors to cease shopping for Russian petroleum.
WTI Midland, Sokol and the UAE’s Murban are all comparable varieties which yield extra diesel than different crudes when refined.
The merchants didn’t specify whether or not the reselling of the US oil by Reliance was linked to the resumption of Sokol purchases. It can also be nonetheless unclear if flows of Russian crude to India will return to final yr’s document ranges.
Reliance additionally tried to promote cargoes of Murban crude for April-May loading earlier than providing the American oil, the merchants mentioned.
–With help from Rakesh Sharma.
(Adds extra particulars all through.)
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