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Reliance Buys US Crude for the First Time

Oil

Indian conglomerate Reliance Industries Ltd, owner of the largest refining complex at Jamnagar, joined state-run refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp in importing US crude, Reuters reports. This marks India's first purchase of US crude since the US stopped oil exports in 1975, a decision later revoked at the end of 2015. Reliance bought 1M barrels of WTI Midland and a similar-sized cargo of Eagle Ford crude, both of which are expected to arrive in November. Both the US and India are willing to further bilateral trade between them, with President Trump stating in June that the US looks forward to exporting more energy products to India and reports from India's Oil Ministry suggesting this would help in mitigating the risk arising from geopolitical disruptions by diversifying sources.