Reliance Industries cuts Russian crude share by 13% after US sanctions: Report
Mukesh Ambani-led Reliance Industries, India’s top buyer of Russian crude has scaled back 24% imports from sanctioned entities, as per a report by The Economic Times. It’s a 13% cut in it’s entire crude basket for the month of October against September.
The move is reportedly coming after US sanctions on Moscow’s two major oil firms, Rosneft and Lukoil, alongwith US continuous pressure on India to reduce the purchase of russian oil. Ahead of sanction that will take effect on November 21, the ET report noted Reliance Industries imported 534,000 barrels per day (bpd) in October, 23% below the April-September average, citing data from Kpler.
