India’s Reliance shifts oil purchases from Russia to Middle East and U.S. – Bloomberg

India’s largest buyer of Russian oil, Reliance Industries, has begun sourcing crude from the Middle East and the United States after Washington imposed sanctions on Lukoil, Rosneft and their subsidiaries, Bloomberg reported, citing sources familiar with the matter.

The company is purchasing several grades, including Saudi Khafji, Iraq’s Basrah Medium, Qatar’s Al-Shaheen and limited volumes of U.S. West Texas Intermediate (WTI). Deliveries are planned for December and January.

In October, Reliance bought at least 10 million barrels of crude on the spot market, mostly Middle Eastern grades, the report said. Most purchases were made after the new U.S. sanctions were announced.

Other Indian refiners are also showing interest in spot oil purchases from the Middle East, the U.S. and Brazil. Earlier this year, Reliance became India’s largest importer of Russian oil under a long-term contract with Rosneft.