Exclusive: India's Reliance buys 5 million barrels of Iranian oil after US waiver, sources say

Core Insights - Reliance Industries has purchased 5 million barrels of Iranian crude oil following a temporary U.S. sanctions waiver, marking its first acquisition of Iranian oil since May 2019 [1][3] Group 1: Purchase Details - The oil was acquired from the National Iranian Oil Company at a premium of approximately $7 per barrel over ICE Brent futures [2] - The exact delivery date of the oil remains unclear [2] Group 2: Context of the Purchase - This purchase follows a trend where Indian refiners have acquired over 40 million barrels of Russian crude due to a recent U.S. sanctions waiver aimed at alleviating supply shortages [4] - Other Asian refiners are exploring the possibility of purchasing Iranian oil, although Sinopec has stated it does not intend to buy [4]