In a statement, Reliance termed reports of it buying Iranian oil as baseless and incorrect. ADVERTISEMENTIt said it "categorically rejects recent media reports that the company has purchased crude oil of Iranian origin." The government earlier this week said resuming the buying of Iranian oil will be based on techno-commercial feasibility. Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian Light and Heavy grades due to strong refinery compatibility and favourable commercial terms. An estimated 140 million barrels of Iranian oil are on vessels at sea.

Source: The Telegraph March 26, 2026 15:11 UTC