Reliance buys 5 million barrels of Iranian crude after US waiver

New Delhi: Reliance Industries has bought 5 million barrels of Iranian crude after a temporary U.S. sanctions waiver, marking India’s first known purchase of Iranian oil since 2019 as refiners scramble to secure supplies amid the West Asia conflict.

According to initial verified reporting, the crude was bought from the National Iranian Oil Company at a premium of about $7 per barrel over ICE Brent futures. Delivery timelines were not immediately clear. 

The purchase follows a 30-day U.S. waiver allowing imports of Iranian oil that was already at sea before March 20 and discharged by April 19. The waiver is aimed at easing supply stress as the widening conflict in West Asia disrupts shipping routes and tightens global crude availability. 

The deal is significant because Indian refiners stopped importing Iranian oil in May 2019 after Washington tightened sanctions. This makes Reliance’s latest cargo the first confirmed return of Iranian crude to India in nearly seven years. 

The move also underlines how sharply India’s energy strategy is being reshaped by the war-driven supply shock. With oil prices elevated and shipping risks rising around the Strait of Hormuz, refiners have been seeking alternative cargoes and waiver-backed opportunities to protect supplies.

The Iranian purchase comes after Indian refiners also snapped up large volumes of Russian crude under a similar temporary U.S. waiver earlier this month, as New Delhi moved to shield itself from the disruption in Gulf flows. 

For India, the deal carries both commercial and strategic weight. The country imports the bulk of its crude requirements and remains highly exposed to supply shocks in West Asia. Any temporary easing of sanctions creates an opening for refiners to diversify cargoes, cap costs and reduce immediate vulnerability to shipping disruptions.

As of the latest verified reporting, Reliance has secured 5 million barrels of Iranian crude under the U.S. waiver, marking India’s first confirmed Iranian oil purchase since 2019 and signalling how urgently refiners are repositioning amid the West Asia supply crunch.