Reliance denies reports of buying Iranian oil, calls claims ‘baseless’

Mumbai: Reliance Industries Limited has strongly denied media reports claiming it purchased crude oil of Iranian origin, terming the allegations “baseless” and misleading.

In an official statement, the company said, “Reliance Industries Limited categorically rejects recent media reports that the company has purchased crude oil of Iranian origin. These reports are baseless leading to misleading and incorrect claims. We urge the concerned media outlets to verify facts before publication.”

The clarification comes after a Reuters report suggested that the company had bought around 5 million barrels of Iranian crude following a temporary waiver on US sanctions. According to those reports, the cargo was allegedly sourced from the National Iranian Oil Company and priced at a premium over global benchmarks.

However, Reliance has dismissed these claims, reiterating its adherence to global regulations and compliance frameworks in sourcing crude.

The reports had also indicated that the deal, if confirmed, would mark India’s first import of Iranian oil since 2019, when purchases were halted after sanctions were reimposed on Tehran.

The development comes amid heightened volatility in global oil markets due to the Iran conflict, with disruptions in the Strait of Hormuz pushing crude prices higher and prompting refiners to explore alternative supply sources.