Reliance Industries, led by Chairman Mukesh Ambani, issued a cautionary note in its annual report on Thursday, saying that ongoing geopolitical and tariff-related uncertainties could disrupt global trade flows and impact the demand-supply equilibrium, reports news agency Reuters.
The company highlighted the volatility of crude prices, citing evolving sanctions, changing tariff regimes, and production decisions by both OPEC and non-OPEC as key contributing factors.
“If we cave under pressure, we risk losing access to cheaper Russian crude, which could squeeze refining margins. That’s a risk for Reliance and oil marketing companies,” said Pramod Gubbi, co-founder at Marcellus Investment Managers.
The warning from Reliance comes as oil marketing companies experienced a downturn, trading between 0.6 per cent and 2 per cent lower in a weak market where the benchmark Nifty 50 was down 0.6 per cent.
Shares of Reliance Industries were already down one per cent following an announcement from the US President Donald Trump, who doubled down on India tariffs by imposing an additional 25 per cent duty.
