Reliance Industries refutes reports that it purchased Iranian crude

New Delhi, March 26 (IANS) Reliance Industries Limited (RIL) on Thursday refuted reports that it has purchased Iranian crude, calling these reports "baseless".Reports earlier claimed that RIL had purchased 5 million ​barrels of Iranian crude after the US administration temporarily removed sanctions on ‌Iranian oil at sea.According to the report, RIL bought the oil from the National Iranian Oil Co."Reliance Industries Limited categorically rejects recent media reports that the company has purchased crude oil of Iranian origin. These reports are baseless, leading to misleading and incorrect claims," the company said in a statement, urging the media outlets concerned to verify facts before publication.Last week, the US issued a short-term authorisation allowing the sale of Iranian oil already stranded at sea, a move the Donald Trump administration says will quickly boost global supply while maintaining pressure on Tehran, according to the Treasury Department and media reports.Treasury Secretary Scott Bessent said the step is designed to stabilise energy markets amid ongoing conflict and supply disruptions. "Today, the Department of the Treasury is issuing a narrowly tailored, short-term authorisation permitting the sale of Iranian oil currently stranded at sea," he had said.The authorisation applies only to crude already loaded on vessels as of March 20 and remains in force until April 19, according to a Treasury general licence. Bessent said the move could bring "approximately 140 million barrels of oil to global markets", helping to ease pressure caused by recent disruptions."By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran," he said.At present, much of the sanctioned Iranian oil is believed to be held offshore or routed through indirect channels. Bessent said some of it has been "hoarded by China on the cheap", and that releasing it would help undercut Tehran’s leverage.--IANSna/vd

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