Reliance to Raise Crude Oil Imports From Saudi Arabia

(Bloomberg) — Reliance Industries Ltd., India’s biggest company, is increasing crude oil imports from Saudi Arabia as it seeks to secure supplies because of rising demand for fuels in India and the rest of Asia.

Reliance, based in Mumbai, is boosting purchases by at least 90,000 barrels a day, accounting for 30 percent of Saudi Arabia’s output increase of 300,000 barrels a day this month, P.M.S. Prasad, president of the company’s oil and gas business, said in a telephone interview.


The refiner, building a second oil refinery that would make it the world’s largest by this year, stepped up imports after Saudi Arabia’s Oil Minister Ali al-Naimi said last month the kingdom is raising output to meet demand from customers. Demand for fuels in the Middle East and Asia is forecast to rise 25 percent to 39 million barrels a day in 2015 from 2008, consultant FACTS Global Energy said today in a report.

“We have been assured of the additional barrels,” Prasad said yesterday.

Bloomberg