Reliance Snaps Up Kuwaiti Crude as India Shuns Sanctioned Russian Oil

Core Viewpoint - Reliance Industries has purchased 1 million barrels of crude oil from Kuwait as Indian refiners reduce purchases from Russia due to U.S. sanctions on Russian oil producers [1][3]. Group 1: Purchase Details - Reliance Industries acquired the crude through a tender from Kuwait Petroleum Corporation (KPC), which sought buyers for 500,000 barrels of Kuwait Heavy and 500,000 barrels of Eocene crude [2]. - The cargoes are scheduled for loading between December 6 and 9 [2]. Group 2: Market Context - Following U.S. sanctions on major Russian oil firms, Reliance has shifted its focus to Middle Eastern crude, purchasing millions of barrels from the region [3][5]. - Reliance operates the world's largest refinery complex at Jamnagar, with a processing capacity of 1.4 million barrels per day [4]. Group 3: Compliance and Strategy - Reliance has a long-term agreement with Rosneft to buy nearly 500,000 barrels per day but is unlikely to continue imports from sanctioned entities to avoid secondary U.S. sanctions [5]. - Most Indian refiners have ceased orders for Russian crude for December, indicating a significant shift in sourcing strategies due to geopolitical pressures [6].