Core Viewpoint - Reliance Industries is diversifying its crude oil sourcing by looking to sell some Middle Eastern and Iraqi crude in the spot market, following U.S. sanctions on Russian oil firms [1][2][4][5]. Group 1: Company Actions - Reliance Industries has been a significant buyer of crude from the Middle East and Russia, acquiring millions of barrels in recent years [2][4]. - The company operates the world's largest refinery complex at Jamnagar, with a processing capacity of 1.4 million barrels per day (bpd) [3]. - Reliance has a long-term agreement with Rosneft to purchase nearly 500,000 bpd of crude, making it India's largest buyer of Russian crude until recent sanctions [3][4]. Group 2: Market Strategy - In response to U.S. sanctions on Russian oil firms, Reliance has accelerated its crude oil purchases from the Middle East and has been more active in procuring oil from the Gulf region [4]. - The company is now offering Murban and Upper Zakum crude grades from the UAE and has already sold a cargo of Iraq's Basrah Medium to a Greek buyer [5]. Group 3: Industry Trends - Indian refiners are shifting away from Russian crude and increasing purchases from the Middle East and the Americas to compensate for anticipated declines in Russian oil loadings in the coming months [6].