Reliance to stop buying Russian crude by November-end
Reliance Industries, India's top private oil refiner, has decided to stop buying Russian crude from Rosneft by November 21, 2024.
This move comes as the company responds to US sanctions on Russian oil and looks to avoid any trouble in global markets.
Reliance has been importing around 500,000 barrels a day from Russia but is now shifting gears to find new suppliers.
Navigating the energy maze
This shift isn't just about business—it shows how global politics can shape where companies get their energy.
In October alone, Reliance cut its Russian oil intake by nearly a quarter and quickly ramped up imports from Saudi Arabia, Iraq, and the US instead.
With international rules tightening and secondary sanctions looming, Reliance is making sure it stays on the right side of regulations while keeping its refineries running smoothly.
For anyone curious about how world events impact what fuels our daily lives, this is a real-time example.