India's first purchase of Iranian oil in seven years

BlockBeats message, April 4: India’s Ministry of Petroleum said on Saturday that, as the 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 cargoes from Tehran since May 2019. Previously, under pressure from the United States, it halted purchases of Iranian crude oil, but supply disruptions caused by the war between the U.S. and its allies have dealt a severe blow to India. Last month, the United States temporarily lifted sanctions on Iranian oil and refined products to ease supply shortages. The Ministry of Petroleum said on the social platform X: “Against the backdrop of disrupted supply in the Middle East, Indian refineries have secured their crude oil demand, including supplies from Iran; and there is no payment obstacle to importing Iranian crude oil.”

The ministry added that India has secured all of its crude oil needs for the coming months. “India imports crude oil from more than 40 countries, and companies can flexibly purchase crude oil from different sources and regions based on commercial considerations.” India also bought 44,000 tons of Iranian liquefied petroleum gas, and the shipment was transported by a sanctioned vessel. The ministry said the vessel docked at the western port of Mangaluru on Wednesday and is currently unloading fuel. (Jin10)