India Reliance’s Jan Russian oil imports up 48% m/m

NEW DELHI: India’s Reliance Industries Ltd raised its January oil imports from Russia by about 48% to nearly 335,700 barrels per day (bpd), data from industry and trade sources showed.

The private refiner imported about 1.4 million bpd of oil in January, up 45% from a low base in the previous month, the data showed.

Oil falls after US Fed governor says no rush to cut interest rates

Reliance has significantly increased the processing of discounted Russian oil after some Western companies and countries shunned purchases from Moscow following its invasion of Ukraine.