India Buys Iran Oil for First Time in Seven Years

BlockBeats News, April 4th. The Indian Ministry of Petroleum announced on Saturday that Indian oil refineries have purchased Iranian crude oil amidst the turmoil in the Middle East disrupting the supply through the Strait of Hormuz. As the world's third-largest oil importer and consumer, India has not received any oil shipments from Tehran since May 2019 when it stopped buying Iranian oil under U.S. pressure, but the supply disruption caused by the US-Iran war has severely impacted India. Last month, the U.S. temporarily lifted sanctions on Iranian oil and petroleum products to ease the supply shortage. The Indian Ministry of Petroleum stated on social platform X: "Against the backdrop of disrupted supplies in the Middle East, Indian oil refineries have ensured their crude oil requirements, including supply from Iran, and there are no payment barriers for importing Iranian crude oil."

The ministry further stated that India has secured all its crude oil needs for the coming months, "India imports crude oil from over 40 countries, and companies can flexibly source crude oil from different origins and regions based on commercial considerations." India also bought 44,000 tons of Iranian liquefied petroleum gas, which was transported by a sanctioned vessel. The Ministry of Petroleum said the vessel docked at the western port of Mangalore on Wednesday and is currently unloading the fuel. (Golden Finance)