Reuters reported that Reliance Industries purchased 6 million barrels of Russian crude oil, to be delivered in March.
Indian refining companies also bought millions of barrels of Russian crude oil for immediate delivery, which had already been at sea. The reason is that the United States granted India a 30-day sanction exemption last week, covering cargo loaded before March 5.
According to sources, Reliance Industries purchased Urals crude oil, the main export grade of Russian crude oil, with a price difference of $1 discount to $1 premium compared to Brent crude oil.
India is the world's third-largest oil importer, with about 40% of its crude oil coming from the Middle East, transported through the Strait of Hormuz.
Original article: toutiao.com/article/1859209357588480/
Statement: This article represents the views of the author himself.