Reliance Denies It Has Purchased Iranian Oil

NEW DELHI – Reliance Industries Limited (RIL) on March 26 refuted reports that it has purchased Iranian crude, calling the reports “baseless.”

Reports earlier claimed that RIL had purchased 5 million barrels of Iranian crude after the US administration temporarily removed sanctions on ‌Iranian oil at sea.

According to several media reports, RIL had bought the oil from the National Iranian Oil Co.

“Reliance Industries Limited categorically rejects recent media reports that the company has purchased crude oil of Iranian origin. These reports are baseless, leading to misleading and incorrect claims,” the company said in a statement, urging the media outlets concerned to verify facts before publication.

Last week, the US issued a short-term authorization allowing the sale of Iranian oil already stranded at sea, a move the Donald Trump administration says will quickly boost global supply while maintaining pressure on Tehran, according to the Treasury Department and media reports.

Treasury Secretary Scott Bessent said the step is designed to stabilize energy markets amid ongoing conflict and supply disruptions.

The authorization applies only to crude already loaded on vessels as of March 20 and remains in force until April 19, according to a Treasury general license. Bessent said the move could bring “approximately 140 million barrels of oil to global markets”, helping to ease pressure caused by recent disruptions.

At present, much of the sanctioned Iranian oil is believed to be held offshore or routed through indirect channels. Bessent said some of it has been “hoarded by China on the cheap”, and that releasing it would help undercut Tehran’s leverage. (IANS)