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India's first oil purchase from Iran in seven years
India’s Ministry of Petroleum said on Saturday that, amid Middle East conflict disrupting oil supply through the Strait of Hormuz, Indian refineries have purchased Iranian oil.
As the world’s third-largest oil importer and consumer country, India has not received crude oil cargoes from Iran since May 2019—previously because the U.S. pressured and banned purchases of Iranian crude oil. But the supply disruption triggered by the U.S.-Iran conflict has dealt a severe blow to this South Asian country.
On the X platform, the Ministry of Petroleum said: “Amid a disruption in Middle East supply, Indian refineries have secured crude oil demand, including by procuring from Iran; there is no payment obstacle to importing Iranian crude oil.”
Last month, the U.S. temporarily lifted sanctions targeting Iranian oil and refined products to ease supply shortages.
The ministry added that India has secured all the crude oil supply needed in the coming months. “India imports crude oil from more than 40 countries, and relevant companies can flexibly procure oil from different channels and regions based on commercial factors.”
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