What a cut in Reliance’s Russian crude purchases would mean for India
The Reliance Industries Ltd. oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021.
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India’s largest private oil refiner Reliance Industries is reportedly halting purchases of Russian crude, following the U.S.’ decision to sanction Russia’s two largest oil companies, Rosneft and Lukoil.
Reliance has become a major buyer of Russian crude. In September, it purchased around 629,590 barrels of Russian crude per day from the two firms, out of India’s total imports of 1.6 million barrels per day, according to data by commodities data analytics firm Kpler.
Over the same month last year, Reliance purchased around 428,000 barrels per day of oil from the Russian companies.
In fact, India’s Russian crude imports used to account for less than 3% of its total crude import basket, but today account for one-third of India’s crude imports, experts say.
Reliance has not responded to CNBC requests for comment on reports that it is stopping the purchase of Russian crude.
It comes as the U.S. Treasury Department on Wednesday levied sanctions on Rosneft and Lukoil, citing Moscow’s “lack of serious commitment” to ending the war in Ukraine. The sanctions aim to “degrade” the Kremlin’s ability to finance its war, the U.S. department said, signaling more measures could follow.
If Reliance does halt Russian purchases, it will have “negative impacts on [Reliance’s] margin and profitability as Russian crude constitute more than 50% of [its] crude diet,” Pankaj Srivastava, SVP of commodity oil markets at market research firm Rystad Energy said in emailed comments.
He added that the availability of “similar crude is not an issue” and can be sourced from West Asia, Brazil, or Guyana, but Reliance is unlikely to get the same price as it does on Russian crude, as it has long-term deals with suppliers like Rosneft.
Last December, Reliance Industries signed a deal to import crude oil worth $12 billion-$13 billion a year from Russia’s Rosneft for 10 years, which would translate to roughly 500,000 barrels per day, according to a report by Reuters.
‘Opportunistic buying’
The purchase of Russian oil by Indian refiners was “opportunistic buying” driven by discounts versus comparable grades, said Vandana Hari of Vanda Insights.
India bought 38% of Russia’s crude exports in September, second only to China at 47% according to Helsinki-based think tank Centre for Energy and Clean Air.
Hari added that Indian refineries can easily pivot to buying from sources with the trade-off being “pressure on refining margins.”
Muyu Xu, senior crude oil analyst at Kpler, said the Indian refining giant might face some short-term issues as it looks to replace the Russian crude.
“Given the large volumes under the Reliance-Rosneft deal, we expect some short-term friction for Reliance in securing replacement barrels,” says Muyu Xu, senior crude oil analyst at Kpler.
She added that “Russia’s medium-sour Urals remains about $5–6/bbl [barrel] cheaper than Middle Eastern crude of similar quality.
A report by Jefferies last month indicated that the impact of Reliance Industries moving away from Russian oil was “manageable.”
The brokerage said in September that it had received queries from investors about the possible financial impact on Reliance if it halts its imports of Russian oil due to sanctions.
The benefit of Russian crude accounts for around 2.1% of the firm’s estimated consolidated EBITDA of 2.05 trillion rupees ($ 22.8 billion) for fiscal year 2027, the brokerage said.
Reliance’s consolidated EBITDA for the six months of fiscal year 2026 was 1.08 trillion Indian rupees ($12.3 billion), of which 295 billion rupees were from its oil-to-chemicals segment, while its telecom and retail ventures together contributed to nearly 500 billion rupees.
Hopes of a U.S. trade deal
Other Indian refiners are also looking to cut imports of Russian oil. Weaning off Russian oil might raise India’s import bill, but it won’t be “as big a sticker shock as [it] might have been if crude was in the $70 or $80 range,” said Hari of Vanda Insights.
U.S. West Texas Intermediate futures were trading around $61.83 a barrel on Friday.
Experts also say the benefits of India cutting back on Russian oil purchases outweigh the downsides.
According to Natixis’ Senior Economist Trinh Nguyen, the arbitrage that Russian oil offered during the energy crisis has tapered off, and there is no need for India now to have significant purchases of Russian oil.
India’s Russian crude purchase has been a sore point in its trade relations with the U.S., which culminated in the U.S. imposing a total 50% tariff on Indian goods exported to the U.S..
With both state-owned and private refiners expected to halt purchase of Russian crude — a long-standing demand of U.S. President Donald Trump — the chances of India negotiating a mutually beneficial trade deal with the U.S. have increased.
— CNBC’s Ying Shan Lee contributed to this report
There’s a new step-through commuter in town, and it’s packing more punch than you might expect. The just-launched Batch eCB.3 is built for everyday comfort but has the power to take your commute up a notch – literally, with pedal assist all the way up to 28 mph (45 km/h).
At its heart is a 500W Vinka rear hub motor, rated as a Class 3 system for 28 mph pedal-assist cruising. That means you can glide past traffic or fly through your errands with a serious tailwind, all without breaking a sweat. The 48V and 15 Ah (720Wh) battery gives it a generous helping of range, and a torque sensor means your pedaling effort is rewarded with smooth, proportional motor support.
Torque sensors are becoming increasingly common on commuter e-bikes as they help create a more natural and intuitive ride experience compared to often jumpier cadence sensors.
Built on a 6061 hydroformed aluminum step-through frame, the eCB.3 is all about accessibility and comfort. The company says that the upright riding posture, Cionlli saddle, and suspension seat post make it a pleasure to ride, while a Zoom hydraulic suspension fork with 80mm of travel helps smooth out cracks, bumps, and potholes. Kenda 27.5” x 2.4” tires give riders a solid contact patch with the road or light trails, offering added stability and traction.
Stopping duties are handled by Tektro HD-M275 hydraulic disc brakes with 180mm rotors, giving riders reliable and consistent braking power in any weather. Shifting comes courtesy of a Shimano Altus 8-speed derailleur, which Batch says offers enough range to tackle everything from steep hills to long flats with ease. It’s not the most elegant transmission out there, but the bike is also designed for mid-level riders and lacks the top-shelf gear found on more expensive models.
All told, this is a commuter e-bike that attempts to balance comfort and capability with an accessible frame style and a mix of suspension seat post with a hydraulic suspension fork. It’s not trying to be flashy, but it is trying to make your daily ride smoother, faster, and more fun.
Electrek’s Take
I love seeing more bikes enter the market that make e-biking easier and more accessible for casual riders. The Batch eCB.3 isn’t here to break power records or climb mountains – it’s here to make daily trips more enjoyable. And with 28 mph assist, solid components, and a thoughtful comfort-first design, it looks like it’s hitting that target dead on with a classically inspired Class 3 e-bike with decent components.
The $1,999 price seems a bit high for the component level, in my opinion, but I don’t call the shots – I just report on them.
What do you think of Batch’s latest offering? Let’s hear your opinion in the comment section below.
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Lucid Motors (LCID) just rolled out the first discounts on its new Gravity SUV. The limited-time offer shaves $3,000 off, but Lucid says an even more affordable version will be available soon.
The Lucid Gravity SUV is getting more affordable
The Lucid Gravity has it all. With up to 450 miles of driving range, a Chevy Suburban-sized interior, advanced software, and the soul of a sports car, the Gravity is, as Lucid calls it, “the ultimate uncompromising SUV.”
Lucid is bouncing back after a magnet shortage disrupted production in the first half of the year. The company plans a major ramp-up over the next few months, with the Gravity expected to make up most of its production and deliveries in the second half of the year.
As Lucid shifts into high gear, it’s now rolling out some of the first discounts for the Gravity SUV. In an email sent out to community members near its Cherry Creek studio in Denver, Colorado, Lucid said, “Big news — For the first time ever, Lucid is offering a $3,000 incentive on the revolutionary Lucid Gravity SUV.”
Lucid Gravity discounts starting now pic.twitter.com/PrGRoZaAN6
— Kyle Conner (@itskyleconner) October 23, 2025
The offer, shared on X by user Kyle Connor, is limited and only applies to vehicles currently on site at the Lucid Cherry Creek Studio. Lucid said it only had four Gravities available, each ready for immediate delivery.
Although the deal is exclusive, Lucid is promoting Gravity leases starting at $1,299 per month on its website with a $2,000 Loyalty Offer.
The Gravity Grand Touring is currently the only trim available on Lucid’s website, priced from $94,900. However, by the end of the year, it will launch the more affordable Gravity Touring, starting at $81,550.
Lucid’s global communications boss, Nick Twork, replied to a user on X, confirming that we will hear more details on the Gravity Touring before the end of the year.
Twork also confirmed the company is implementing a second shift at its AMP-1 manufacturing plant in Casa Grande, Arizona.
Lucid will continue to offer the $7,500 EV tax credit for Gravity buyers through the end of the year. The Lucid Air is also available with a $7,500 Air Credit and a $2,000 Loyalty or Conquest bonus. Lucid said you must take delivery by October 31 to qualify for the offer.
Want to test Lucid’s luxury EVs for yourself? We can help you get started. You can use the links below to find Lucid Air and Gravity models in your area.
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A newly filed bill in Florida is aiming to change the way the Sunshine State regulates high-speed electric bicycles. If it passes, it could have significant implications for riders and retailers alike.
The proposed legislation, HB 243, was filed by Republican Representative Yvette Benarroch and is set to be considered during Florida’s upcoming legislative session. The bill introduces several new requirements for electric bike and scooter riders, including a mandatory driver’s license or learner’s permit for anyone operating a Class 3 e-bike – that’s an e-bike capable of pedal assist at speeds between 21 to 28 mph (32 to 45 km/h).
While Florida law currently allows anyone over 16 to ride all legal classes of electric bikes without a license, this new bill would tighten that significantly. It also seeks to add e-bike and scooter safety content to the learner’s permit course and Class E driver license test, meaning future drivers would need to demonstrate knowledge of how to safely interact with these smaller electric vehicles.
In addition to licensing, HB 243 would:
- Create a new “electric motorcycle” category for higher-speed electric vehicles, likely intended to encompass bikes like those from Sur Ron and other light electric dirt bike makers.
- Ban riders under 16 from operating any electric motorcycle with 750W or more of power.
- Require e-bike and scooter riders to yield to pedestrians on shared paths and use audible signals when passing.
- Mandate crash reporting for incidents involving e-bikes and scooters.
- Establish penalties for tampering with a motor or speed limiter on an electric bike.
While the House bill has been filed, there’s no Senate companion bill yet, and HB 243 is not law at this time. But if passed, it would mark a significant shift in how Florida classifies and regulates electric micromobility vehicles.
Electrek’s Take
This is one of the more heavy-handed e-bike regulation proposals we’ve seen at the state level, and it raises real questions about access, enforcement, and equity. Adding e-bike content to driver’s ed makes a lot of sense – there are a lot more micromobility EVs on the road now, and drivers need to understand how to safely share the road. But requiring a license for an e-bike that passes over the 20 mph Class 2 threshold? That’s a big step away from treating e-bikes like bicycles and toward treating them like mopeds or motorcycles.
E-bikes have long been an alternative for folks who don’t want to deal with the regulatory and bureaucratic hassle of motor vehicles, and treating Class 3 e-bikes like motorcycles feels like a step in the wrong direction.
As always, we’ll be keeping a close eye on this bill as it moves (or stalls) in the Florida legislature. For now, it’s just a proposal – but it could signal a broader trend toward tighter e-bike regulation across the US.
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