Reliance Industries may earn $500 mn annual EBITDA from Russian oil, but refining margins fuel real growth: Jefferies

Further, European diesel spreads are firm on lower imports after the EU announced a ban on refined product imports made from Russian crude starting January 21, 2026. Gasoline margins are strong, with US gasoline inventories at a 5-year average. The report further stated, Reliance has the flexibility to produce diesel from Middle East crude for export to the EU.