Aug 7 (Reuters) - Indian refiner Reliance Industries (RELI.NS) , opens new tab said on Thursday continuing geopolitical and tariff-related uncertainties may affect trade flows and demand-supply balance.

In its annual report, the Mukesh Ambani-led firm said crude prices remain volatile amid evolving sanctions, changing tariff regimes and output decisions by OPEC and non-OPEC members.

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"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.

Oil marketing companies were last trading lower between 0.6% to 2%, in a weak market with the benchmark Nifty 50 (.NSEI) , opens new tab down 0.6%.

Shares of the company were already down 1% a day after U.S. President Donald Trump doubled down on India tariffs, imposing another 25% duty to pressure New Delhi over its energy ties with Russia.

https://www.reuters.com/world/india/indias-reliance-warns-tariff-jitters-may-hit-demand-supply-balance-2025-08-07/