India's first purchase of Iranian oil in seven years

ME News message, April 4 (UTC+8), India’s 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, it stopped buying Iranian crude oil under U.S. pressure, but the severe disruption to supply caused by the war between the U.S. and its ally has dealt a serious blow to India. Last month, the U.S. temporarily lifted sanctions on Iranian oil and refined petroleum products to ease supply shortages. The 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 obstacles to importing Iranian crude oil.” The ministry added that India has secured all of its future crude oil demand: “India imports crude oil from more than 40 countries, and companies can flexibly source crude oil from different origins and regions based on business considerations.” India also purchased 44,000 tons of Iranian liquefied petroleum gas; the cargo was transported by a sanctioned vessel. The Ministry of Petroleum said the ship docked at the western port of Mangalore on Wednesday and is currently unloading fuel. (Source: ChainCatcher)