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 Middle East conflict has disrupted supplies 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 cargo from Tehran since May 2019. Previously, it stopped buying Iranian crude oil under pressure from the United States, but the supply disruptions caused by the war between the US and Israel have dealt a severe blow to India. Last month, the US temporarily lifted sanctions on Iranian oil and refined products to ease supply shortages. The Ministry of Petroleum said on the social platform X: “Amid disruptions to Middle East supply, Indian refineries have secured their crude oil demand, including supplies from Iran; and there are no payment obstacles to importing Iranian crude oil.” The ministry added that India has secured all its crude oil demand 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 purchased 44,000 tons of Iranian liquefied petroleum gas, with the shipment transported by a sanctioned vessel. The ministry said the vessel docked at India’s western port of Mangalore on Wednesday and is currently unloading fuel. (Source: ChainCatcher)