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]

Core Viewpoint - Indian refiners are set to resume purchasing Iranian oil following a temporary waiver of U.S. sanctions, with other Asian refiners also exploring similar opportunities due to an energy crunch caused by the U.S.-Israeli conflict with Iran [1][2][3]. Group 1: Sanctions Waiver Details - The U.S. has issued a 30-day sanctions waiver for Iranian oil already at sea, allowing oil loaded on vessels before March 20 to be discharged by April 19 [4]. - This is the third time the U.S. has temporarily waived sanctions on Iranian oil since the onset of the conflict [4]. Group 2: Iranian Oil Availability - Approximately 170 million barrels of Iranian crude are currently at sea, with estimates from Energy Aspects suggesting 130 to 140 million barrels, which is less than 14 days of current Middle East production losses [5][6]. - Asia relies on the Middle East for 60% of its crude supply, and the near-closure of the Strait of Hormuz has led to reduced refinery operations and fuel exports across the region [6]. Group 3: Market Dynamics and Challenges - Indian refiners, having smaller crude stockpiles compared to other major Asian importers, are eager to secure Iranian oil, while awaiting government guidance and clarity on payment terms [2][9]. - Complications in purchasing Iranian oil include uncertainties regarding payment methods and the aging condition of many vessels in the shadow fleet [9][10].

Serbia secures US sanctions waiver for its NIS oil firm, energy minister says | Reuters Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv A drone view shows Serbia's majority Russian-owned NIS oil refinery in Pancevo, Serbia, November 27, 2025. REUTERS/Marko Djurica Purchase Licensing Rights, opens new tab Companies Abu Dhabi National Oil Co Follow Gazprom Neft' PAO Follow Gazprom PAO Follow NIS operates Serbia's only oil refinery in the town ...