India's first purchase of Iranian oil in seven years

Mars Finance News. On April 4, on Saturday, India’s Ministry of Petroleum said that as conflicts in the Middle East have disrupted supply through the Strait of Hormuz, India’s 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, under pressure from the United States, India stopped buying Iranian crude oil, but 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 Indian Ministry of Petroleum said on the social platform X: “Against the backdrop of disrupted supplies in the Middle East, India’s refineries have secured their crude oil requirements, including supplies from Iran; and importing Iranian crude oil does not involve any payment obstacles.” The ministry added that India has secured all of 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 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 Mangalore on Wednesday and is currently unloading fuel. (Gold Ten)