Reliance Buys 1 Million Barrels of Crude from Kuwait After Halting Russian Oil Imports

Reliance Industries has bought 1 million barrels of crude oil from Kuwait Petroleum Corp (KPC) through a tender, according to 4 trade sources. KPC offered the crude because its Al-Zour refinery could not process the oil due to an unexpected shutdown following a fire.

Details of the Oil Cargo

Reliance received 2 cargoes:

• 500,000 barrels of Kuwait Heavy Crude, to be loaded between December 6–7
• 500,000 barrels of Eocene Crude, to be loaded between December 8–9

The price for these cargoes has not been disclosed yet.

Shift Away From Russian Oil

Reliance recently stopped buying Russian oil after the US imposed sanctions on major producers Rosneft and Lukoil. Since pausing Russian imports in October, the company has increased its spot crude purchases from the Middle East and the Americas. Reuters earlier reported that Reliance has already bought at least 12 million barrels from these regions.

Reliance Industries Share Price Movement

Reliance Industries share price was trading at ₹1,522.10 as of 2:53 pm on November 18, up ₹3.80 (0.25%) for the day. The stock opened at ₹1,521.70, touched a high of ₹1,527.80, and hit a low of ₹1,510.50 during the session. Reliance currently commands a strong market capitalisation of ₹20.61 lakh crore, with a P/E ratio of 24.79 and a dividend yield of 0.36%. Over the past year, the stock has traded between a 52-week low of ₹1,114.85 and a 52-week high of ₹1,551.00, reflecting steady upward momentum.

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Conclusion

Reliance’s latest purchase from Kuwait shows how the company is quickly adjusting its sourcing strategy after US sanctions disrupted Russian oil supplies. By securing new crude volumes from the Middle East, Reliance is ensuring stable operations at its refineries while maintaining flexibility in global energy markets.

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