Indian company Reliance Industries is gradually increasing purchases of Middle Eastern oil and is ready to place more orders in the near future, APA reports, citing Bloomberg.
According to traders familiar with the matter, the company has purchased at least 2.5 million barrels of oil, including Iraq's Basrah Medium, as well as Al Shaheen and Qatar Land.
Reliance has also investigated the availability of oil from the region with quality similar to Russian crude.
Reliance has reached out to a large number of potential counterparties regarding the availability of oil from the region with quality comparable to Russian supplies, the traders said. The company has typically been the largest buyer of Russian crude in India, relying on those flows as the basis of its operations.
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