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Reliance Industries Ltd. offered US oil to other buyers in Asia last week, surprising the market as it’s unusual for refiners to try and resell crude within weeks of buying it.
India’s biggest private processor tried to sell West Texas Intermediate Midland crude for May loading, according to traders with knowledge of the matter who asked not to be identified as the information is private. Indian refiners including Reliance have recently started taking Russia’s Sokol grade again after mainly avoiding it since December amid a tougher approach to sanctions from the US.
Reliance didn’t immediately respond to a request for comment.
WTI Midland, Sokol and the UAE’s Murban are similar varieties, which produce more diesel when refined. It’s unclear if the reselling of the US oil was linked to the resumption of Sokol purchases, and it’s also not certain if flows of the Russian crude to India will return to last year’s levels.
Reliance also attempted to sell cargoes of Murban crude for April-May loading before offering the American oil, the traders said.
–With assistance from Rakesh Sharma.
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