India's Reliance Boosts Middle East Crude Purchases

Reliance Industries, the top private refiner in India, has accelerated crude oil purchases from the Middle East, traders told Bloomberg on Tuesday, as the fate of Russian barrels going to India remains unclear. Reliance, which typically buys crude from the Middle East, has been more active than usual in procuring oil from the Gulf region in recent weeks. The refiner has bought at least 2.5 million barrels of crude from the Middle East recently, including Iraq’s Basrah Medium and Qatar’s Al-Shaheen and Qatar Land, according…