“Continuing geopolitical and tariff-related uncertainties may affect trade flows and demand-supply balance,” the company said in its FY25 annual report. It added that geopolitical tensions and policy uncertainties, including trade tariffs, are causing volatility in global markets, adversely impacting energy demand, resulting in softer prices and narrower margins.
The company said crude oil prices will remain volatile due to evolving sanctions, changing tariff regimes, and output decisions by OPEC and non-OPEC members. However, global oil demand is likely to continue growing despite rising EV adoption, thanks to economic expansion worldwide, China’s stimulus measures, and possible easing of geopolitical tensions.
RIL operates the world’s largest integrated, single-location refinery complex in Jamnagar, Gujarat.