India’s Reliance Industries, operator of the world’s largest refining complex, has purchased about five million barrels of Iranian crude oil, according to three sources familiar with the deal.
The purchase comes days after the United States issued a temporary waiver easing sanctions on certain Iranian oil shipments.
The crude was bought from National Iranian Oil Company, the sources said. One source added that the cargo was priced at roughly $7 per barrel above ICE Brent futures, although the exact delivery schedule remains unclear.
The waiver, announced by the administration of Donald Trump on Friday, allows buyers to receive Iranian oil already at sea within a limited window. The 30-day exemption applies to shipments loaded on or before March 20 and discharged by April 19.
The deal marks India’s first purchase of Iranian crude since May 2019, when the world’s third-largest oil importer halted imports after Washington reinstated sanctions on Tehran.
The move comes as Indian refiners seek alternative supplies amid tight global markets.
Earlier this month, Indian refiners purchased more than 40 million barrels of Russian crude following temporary U.S. measures aimed at easing supply shortages.
Other Asian refiners are also reviewing whether they can import Iranian oil under the waiver. However, China’s top refiner Sinopec has indicated it does not intend to buy Iranian crude at this stage, according to a senior executive.