In December, Reliance Industries suspended purchases of Russian oil; however, now, after the imposition of international sanctions, the company has resumed its operations. According to data obtained from Indian officials, the resumption of imports may partially offset the sharp decline in supplies from Russia, which, according to their estimates, have decreased by more than half this month.
To deliver oil, Reliance has chartered Aframax-class tankers from RusExport, which are used for transportation to a refinery with a production capacity of 660,000 barrels per day, focused on the domestic market.
Meanwhile, according to Bloomberg data, Russian oil exports in December reached a record level since May 2023. This is due to the decline in oil processing volumes caused by drone attacks on Russian facilities.
It is worth noting that Reliance Industries halted purchases of Russian oil on November 20, prompted by the imposition of sanctions against Russia, including blocking measures by the U.S. against Rosneft and LUKOIL, which were introduced a month prior.
