Reliance (REL IS) is looking to buy Russian oil after the US granted India a licence to temporarily buy cargoes, Bloomberg reports citing sources
Context
Reliance's move to buy Russian oil following the US granting India a license is a significant geopolitical development that underscores shifting energy alliances. This could lead to increased oil supply from Russia, potentially affecting global prices and influencing market sentiment toward commodities, especially crude oil and associated currencies like the ruble and INR.
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