Reliance Industries Limited (RIL) has dismissed claims of acquiring Iranian crude, labeling the reports as unfounded. Allegations surfaced earlier that RIL had procured 5 million barrels of Iranian crude following a temporary lifting of US sanctions on Iranian oil at sea. The company clarified that it did not purchase any oil of Iranian origin from the National Iranian Oil Co.
The US recently granted a short-term authorization for the sale of Iranian oil stranded at sea, aiming to enhance global supply while exerting pressure on Tehran. Treasury Secretary Scott Bessent emphasized that this move seeks to stabilize energy markets amidst ongoing conflicts and supply disruptions. The authorization, effective until April 19, applies solely to crude loaded on vessels by March 20, potentially releasing around 140 million barrels into global markets.
Addressing concerns about sanctioned Iranian oil being held offshore or channeled indirectly, Bessent highlighted China’s accumulation of some oil at low prices. Releasing this supply could diminish Tehran’s bargaining power, according to Bessent. The US anticipates that this action will alleviate temporary supply constraints caused by Iran’s situation.
