Reliance Industries Ltd. offered US oil to other buyers in Asia last week, an unusual move for refiners who rarely seek to resell crude within weeks of buying it.
India’s biggest private processor tried to sell West Texas Intermediate Midland crude for May loading, according to traders with knowledge of the matter who asked not to be identified as the information is private. Reliance didn’t immediately respond to a request for comment.
India moved away from some of its more traditional suppliers after the invasion of Ukraine in 2022, taking advantage of cheaper oil from Russia shunned by other buyers. Purchases cooled recently as US toughened sanctions on Moscow and cargoes of Sokol crude, a key grade, were among those left in limbo.
