Reliance Industries Purchases Abu Dhabi's Murban Oil on ICE Futures Platform

Reliance Industries, an Indian private refiner, has purchased a shipment of Abu Dhabi's Murban crude on an ICE Futures Abu Dhabi platform. The shipment, likely for September loading, was bought through a series of futures contracts. This purchase comes after the EU imposed new curbs on Moscow over Ukraine, prompting traders to watch Indian refiners' crude procurement patterns closely.

In a strategic move following the European Union's recent sanctions on Russian crude, Reliance Industries Ltd., an Indian private refiner, has purchased a shipment of Abu Dhabi's Murban crude on the Intercontinental Exchange Inc. (ICE) Futures Abu Dhabi platform. The purchase, totaling one million barrels, was executed through a series of futures contracts and is expected to be physically delivered in September [1].

This acquisition comes at a time when the European Union has imposed new restrictions on diesel made from Russian crude, prompting traders to closely monitor the crude procurement patterns of Indian refiners. Reliance Industries, which has been a significant beneficiary of discounted Russian crude due to the European shunning of Russian oil, is now exploring alternative suppliers to diversify its crude sources [2].

The Murban crude, a premium grade, is typically more expensive than the Russian Urals and heavier Middle Eastern varieties that Reliance Industries usually imports. Traders have noted a rise in Murban futures volumes on the ICE Futures Abu Dhabi platform, with nearly 33,000 lots traded across the curve on Thursday, the highest level in three weeks [1].

While the exact impact of the EU sanctions on Reliance Industries' sourcing strategy remains unclear, the company's purchase of Murban crude indicates a shift away from Russian oil. Traders are unsure how Reliance will source the substantial volume of crude it needs to maintain its refining operations, particularly given the potential cost implications of diversifying its supply base [2].

Reliance Industries, owned by billionaire Mukesh Ambani, has been one of the world's top beneficiaries of Moscow's war in Ukraine, with Europe accounting for a significant portion of its fuel exports. The company's recent moves suggest a cautious approach to navigating the geopolitical and economic challenges posed by the EU sanctions and the evolving global oil market [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-07-25/india-s-reliance-buys-abu-dhabi-s-murban-oil-on-futures-platform
[2] https://m.economictimes.com/industry/energy/oil-gas/ambanis-reliance-in-focus-as-eu-warns-refiners-using-russia-oil/articleshow/122856046.cms