RIL shifts its oil traders to Dubai from Mumbai

Indian Stock Market

Reliance Industries (RIL) has moved the majority of its oil traders from Mumbai to Dubai, carrying out a plan that was first announced in 2021 but that is now timely given the rise of Dubai as a major commodities hub following Russia’s war.

According to insiders, the refiner currently purchases and trades most of its oil out of the UAE’s largest city.

Upon being contacted regarding the situation, a RIL official chose not to comment. Since most other buyers avoided the barrels produced by the OPEC+ producer as a result of the invasion of Ukraine, India and China have emerged as the two largest users of Russian oil at reduced prices.