Reliance Industries, operator of the world’s biggest refining complex, has purchased 5 million barrels of Iranian crude, days after the US temporarily removed sanctions on ‌the oil, three sources familiar with the matter said on Tuesday. The refiner bought the oil from the National Iranian Oil Co (NIOC), two of the sources ​said. The Trump administration on Friday issued a ​30-day sanctions waiver for the purchase of Iranian oil already ​at sea. The waiver applies to oil loaded on any vessel, including tankers under ‌sanctions, on or before March 20 and discharged by April 19. The deal marks India’s first purchase of Iranian oil since the world’s third-biggest oil importer and consumer halted imports from Iran in May 2019, months ​after Washington reimposed ​sanctions on Tehran.

Source: The Telegraph March 25, 2026 04:25 UTC