Urals crude continues to be attractive for Indian refiners because of its discounted pricing compared with other global grades. For Reliance, which operates the world’s largest refining complex, access to competitively priced crude is important to sustain high refinery utilisation and healthy margins. While state-run refiners have continued to buy Russian oil steadily, private refiners such as Reliance have shown greater caution due to their exposure to international markets and financial systems. For now, analysts expect Reliance’s purchases of Russian crude to remain selective and opportunistic. The cargoes heading to Jamnagar suggest the company is willing to re-engage cautiously, while maintaining a diversified crude basket and staying alert to geopolitical and regulatory developments.

Source: Indian Express January 02, 2026 11:01 UTC