Indian refiners have resumed purchasing crude oil from Iran amid ongoing disruptions in Middle East oil supplies caused by the conflict involving the US and Israel. This marks the first Iranian oil cargo India has received since May 2019, when US sanctions and pressure had previously halted such imports.
In a significant development, the Indian oil ministry confirmed that despite the geopolitical tensions affecting the Strait of Hormuz, there are no payment obstacles for Iranian crude oil imports. The ministry emphasized that Indian refiners have successfully secured their crude oil needs, including shipments from Iran, ensuring supply stability during this turbulent period.
Last month, the United States temporarily lifted sanctions on Iranian oil and refined products to alleviate global supply shortages, facilitating India’s renewed access to Iranian crude. The ministry further stated that India has secured its full crude oil requirements for the upcoming months, highlighting the country’s diversified sourcing strategy.
India imports crude oil from over 40 countries, with companies enjoying full flexibility to procure oil based on commercial considerations and market conditions. Notably, India also imported 44,000 metric tons of Iranian liquefied petroleum gas, which arrived on a sanctioned vessel that docked at the western port of Mangalore on Wednesday and is currently unloading the fuel.
