India's top privately run refiner Reliance Industries will not renew a contract to import crude oil from Iran for financial year 2010, two sources familiar with the supply deal said on Thursday.

The company did not purchase any crude from Iran in February and March, the sources said.

Reliance did not respond to Reuters inquiries on the move, while Iranian officials declined to comment.

Reliance, which operates the world's biggest refining complex, purchased 90,000 barrels per day (bpd) of crude from Iran in 2009.

It is not immediately clear why Reliance is not renewing its annual import deal with the world's fifth-largest oil exporter but traders said it could be due to disagreement over prices at a time the refiner has easy access to other competitive grades.

Political pressure from the United States and its allies, who are seeking to force Iran to stop its nuclear programme with a tougher sanctions regime, may be another reason, traders said.

Reliance's sophisticated refining complex at Jamnagar in the western Indian state of Gujarat can process 1.24 million bpd of crude as diverse as light West African to the heavy sour Middle Eastern grades. – Reuters