India's first purchase of Iranian oil in seven years

ME News message, on April 4 (UTC+8), the Indian Ministry of Petroleum said on Saturday that amid the Middle East conflict disrupting 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 shipments from Tehran since May 2019; previously, it stopped buying Iranian crude oil under pressure from the United States, but supply disruptions caused by the war between the U.S. and its allies have dealt a severe blow to India. Last month, the U.S. temporarily lifted sanctions on Iranian oil and refined products to ease supply shortages. The Indian Ministry of Petroleum said on the social platform X: “Against the backdrop of disrupted Middle East supply, Indian refineries have secured their crude oil needs, including supply from Iran; and there are no payment barriers to importing Iranian crude oil.” The ministry added that India has secured all its crude oil demand for the coming months, saying, “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 purchased 44,000 tons of Iranian liquefied petroleum gas, with the shipment carried by a sanctioned vessel. The Ministry of Petroleum said the vessel docked at the western port of Mangalore on Wednesday and is currently unloading fuel. (Source: ChainCatcher)