Back to today’s briefing

Story perspectives

Reliance Industries Buys 5 Million Barrels of Iranian Crude

3/24/2026

35 5 Full Breakdown

Summary

Story summary

Reliance Industries bought 5 million barrels of Iranian crude after a U.S. sanctions waiver, marking India's first Iranian oil purchase since May 2019.
The National Iranian Oil Company sold the crude to Reliance at $7 per barrel premium to ICE Brent futures.
The U.S. waiver allows oil loaded before March 20 to be discharged by April 19.
Sinopec, Asia's top refiner, has stated it will not buy Iranian oil.

1 of 1

Story summary

Reliance Industries bought 5 million barrels of Iranian crude after a U.S. sanctions waiver, marking India's first Iranian oil purchase since May 2019.
The National Iranian Oil Company sold the crude to Reliance at $7 per barrel premium to ICE Brent futures.
The U.S. waiver allows oil loaded before March 20 to be discharged by April 19.
Sinopec, Asia's top refiner, has stated it will not buy Iranian oil.