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 as 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 cargo of crude oil from Tehran since May 2019; earlier, under pressure from the United States, it stopped buying Iranian crude oil. However, the supply disruptions caused by the war between the U.S. and Israel 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 Indian Ministry of Petroleum said on the social platform X: “Against the backdrop of disruptions to Middle East supply, Indian refineries have secured their crude oil requirements, 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 business considerations.” India also bought 44,000 tons of Iranian liquefied petroleum gas; the shipment was transported by a sanctioned vessel. The ministry said the vessel docked at the western port of Mangalore on Wednesday and is currently unloading fuel. (Source: ChainCatcher)