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Reliance Denies Buying Iranian Crude, Calls Reports "Baseless"

Reliance Industries Limited has issued a strong denial against media reports claiming it purchased 5 million barrels of Iranian crude oil, labeling the claims as baseless and misleading. This comes after the US Treasury Department issued a short-term authorisation allowing the sale of Iranian oil already loaded on vessels and stranded at sea. Treasury Secretary Scott Bessent stated the move is designed to stabilise energy markets and could bring approximately 140 million barrels to global supply. The authorisation is narrowly tailored, applying only to crude loaded by March 20 and valid until April 19.

Key Points: Reliance Refutes Reports of Buying Iranian Crude Oil

  • Reliance denies buying Iranian crude
  • US issued short-term oil sale authorisation
  • Move aims to stabilise global energy markets
  • Reports claimed purchase of 5 million barrels
2 min read

Reliance Industries refutes reports that it purchased Iranian crude

Reliance Industries denies purchasing Iranian crude, calling media reports baseless. The US issued a short-term authorisation for stranded oil sales.

"These reports are baseless, leading to misleading and incorrect claims. - Reliance Industries statement"

New Delhi, March 26

Reliance Industries Limited on Thursday refuted reports that it has purchased Iranian crude, calling these reports "baseless".

Reports earlier claimed that RIL had purchased 5 million ​barrels of Iranian crude after the US administration temporarily removed sanctions on ‌Iranian oil at sea.

According to the report, RIL bought the oil from the National Iranian Oil Co.

"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," the company said in a statement, urging the media outlets concerned to verify facts before publication.

Last week, the US issued a short-term authorisation allowing the sale of Iranian oil already stranded at sea, a move the Donald Trump administration says will quickly boost global supply while maintaining pressure on Tehran, according to the Treasury Department and media reports.

Treasury Secretary Scott Bessent said the step is designed to stabilise energy markets amid ongoing conflict and supply disruptions. "Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea," he had said.

The authorisation applies only to crude already loaded on vessels as of March 20 and remains in force until April 19, according to a Treasury general licence. Bessent said the move could bring "approximately 140 million barrels of oil to global markets", helping to ease pressure caused by recent disruptions.

"By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran," he said.

At present, much of the sanctioned Iranian oil is believed to be held offshore or routed through indirect channels. Bessent said some of it has been "hoarded by China on the cheap", and that releasing it would help undercut Tehran's leverage.

- IANS

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Reader Comments

P
Priya S
This is a very complex geopolitical situation. On one hand, we need affordable oil, on the other, companies have to navigate US sanctions. It's a tightrope walk. Reliance is smart to stay clear of any controversy. 🇮🇳
V
Vikram M
The media should be more responsible. Publishing such reports without proper verification from the company itself is reckless journalism. It affects thousands of small investors like me who have put our savings in Reliance shares.
S
Sarah B
Interesting to see the US strategy here. They're trying to stabilize the market by releasing this "stranded" oil while still keeping pressure on Iran. It's a clever, if temporary, move. Wonder how China feels about being called out for hoarding it.
R
Rohit P
Baseless reports or not, the bigger issue is our energy security. We are too dependent on imports. When will we see a real push for alternatives? Solar, wind, electric vehicles... we need to speed up. Jai Hind!
K
Kavya N
I appreciate that the article explains the US authorization clearly. It's a short-term fix for global prices. For us common people, any relief at the petrol pump is welcome, even if it's temporary. Hope it translates to lower prices soon.

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