India Resumes Iranian Oil Imports After Seven-Year Gap

New Delhi: India has resumed crude oil imports from Iran after a seven-year hiatus, amid continuing disruptions to global fuel supply. The purchases had been suspended since May 2019 following the reimposition of American sanctions on Tehran.

The Union Ministry of Petroleum has confirmed that the current transactions are proceeding without any payment-related difficulties, officially rejecting reports that had suggested a tanker carrying Iranian oil was diverted to China due to financial settlement issues. The ministry categorically denied any such transaction hurdles.

Indian refineries have secured their crude oil requirements despite the supply disruptions stemming from ongoing tensions in West Asia. The resumption has been made possible by temporary waivers granted by the United States on Iranian oil and petroleum products, a concession extended to ease the global fuel shortage triggered by the the current conflict. Indian refineries are availing themselves of these waivers to purchase Iranian crude.

The ministry also confirmed that a vessel carrying 44,000 tonnes of Iranian LPG has already docked at Mangaluru port. India, the world's third-largest oil consumer, currently sources its crude imports from more than 40 countries.