India's first purchase of Iranian oil in seven years

ME News message, April 4 (UTC+8). The Indian Ministry of Petroleum said on Saturday that, as the Middle East conflict disrupts supply through the Strait of Hormuz, Indian refineries have purchased Iranian crude oil. As the world’s third-largest oil importer and consumer, India has not received any crude oil cargoes from Tehran since May 2019. Previously, under U.S. pressure, it had stopped buying Iranian crude oil, but the severe impact on India from supply disruptions triggered by the U.S.-Israel war has been significant. Last month, the U.S. temporarily lifted sanctions on Iranian oil and refined products to ease supply shortages. The Ministry of Petroleum said on the social platform X: “Amid disruption to Middle East supply, Indian refineries have secured their crude oil needs, including supplies from Iran; and importing Iranian crude oil faces no payment obstacles.” The ministry added that India has ensured all of its crude oil needs for the coming months: “India imports crude oil from more than 40 countries, and companies can flexibly procure crude oil from different sources and regions based on commercial considerations.” India also bought 44,000 tons of Iranian liquefied petroleum gas, with the cargo transported by a sanctioned vessel. The ministry said the vessel docked at the western port of Mangaluru on Wednesday and is currently unloading fuel. (Source: ChainCatcher)