India has made its first oil purchase from Iran in the last seven years, according to the announcement from the Indian Ministry of Petroleum. This comes against the backdrop of the conflict in the Middle East, which has disrupted energy supplies through the Strait of Hormuz.
India, the third largest importer and consumer of oil in the world, has not received oil from Iran since May 2019, due to pressure from the United States to stop Iranian imports. The situation has recently changed, as the conflict between the US, Israel, and Iran has affected oil deliveries from the region.
The ministry stated that Indian refineries have secured their oil needs, including from Iran, without payment issues.
Also, last month, the US temporarily suspended sanctions on Iranian oil to reduce the supply deficit in the global market.
India also imported 44,000 tons of liquefied petroleum gas (LPG) from Iran, transported by a ship under sanctions, which arrived at the port of Mangalore.
Sources
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