India's Reliance Industries Ltd has bought at least 6 million barrels of Russian oil for March delivery after supplies from the Middle East were hit due to the Iran war, two industry sources with knowledge of the matter said.
Indian refiners have purchased millions of barrels of prompt Russian oil cargoes stuck at sea since Washington last week granted New Delhi a 30-day waiver from sanctions for cargoes loaded on vessels as of March 5.
Reliance bought the cargoes of Russian flagship grade Urals oil at prices ranging from a discount of $1 to a premium of $1 to dated Brent, one of the sources said.
Reliance did not respond to an emailed request for comment.
India, the world's third-biggest oil importer, imports about 40% of its oil from the Middle East through the Strait of Hormuz.
India was the top buyer of Russian seaborne crude after Moscow's 2022 Ukraine invasion, but in January its refiners started to reduce purchases under pressure from Washington.
