Reliance Denies Reports of Iranian Oil Purchase Amid Sanctions Easing

New Delhi, March 2026: Reliance Industries Limited (RIL) on Thursday firmly denied media reports claiming that it had purchased Iranian crude oil, terming the allegations “baseless” and misleading.

The clarification comes after reports suggested that the company had procured around 5 million barrels of Iranian oil following a temporary easing of sanctions by the United States Department of the Treasury. According to those reports, the oil was allegedly sourced from the National Iranian Oil Company.

In an official statement, RIL categorically rejected these claims, stating that it has not purchased any crude oil of Iranian origin. The company also urged media outlets to verify facts before publishing such reports, noting that inaccurate information could create confusion in the market.

The controversy comes against the backdrop of a recent decision by the US administration under Donald Trump to allow a limited, short-term sale of Iranian oil already stranded at sea. The move is aimed at stabilising global energy markets amid ongoing geopolitical tensions and supply disruptions.

US Treasury Secretary Scott Bessent had earlier stated that the authorisation permits the sale of crude oil that had already been loaded onto vessels as of March 20, with the provision remaining valid until April 19. He noted that the measure could release approximately 140 million barrels of oil into global markets, helping to ease supply pressures.

Officials also indicated that a significant portion of sanctioned Iranian crude has been held offshore or routed through indirect channels in recent years. The temporary easing is intended to unlock this supply and reduce volatility in energy prices.

Despite these developments, RIL’s denial underscores its adherence to international regulations and compliance norms. The company’s statement aims to dispel speculation and reaffirm its position amid heightened scrutiny in the global oil trade.

(The content of this article is sourced from a news agency and has not been edited by the Mavericknews30 team.)