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India Buys Iranian Oil After US Sanctions Eased
24 Mar
Summary
- Reliance Industries purchased 5 million barrels of Iranian crude oil.
- This marks India's first acquisition of Iranian oil since May 2019.
- The purchase follows a temporary 30-day US waiver on certain sanctions.
Reliance Industries has reportedly purchased 5 million barrels of crude oil from Iran's National Iranian Oil Company. This transaction represents India's first known acquisition of Iranian oil since May 2019, when imports ceased due to the reimposition of US sanctions.
The recent purchase became possible following a temporary 30-day waiver announced by the US administration. This waiver specifically applies to oil already at sea, loaded on or before March 20 and scheduled for discharge by April 19.
This temporary relief has enabled buyers like Reliance to secure essential supplies in a currently challenging global market. The Iranian crude was allegedly priced at a premium of approximately $7 per barrel over ICE Brent futures, though delivery details remain undisclosed.
Other Asian refiners are now exploring the possibility of acquiring Iranian oil under similar conditions. However, major Asian refiner Sinopec from China has indicated no immediate plans for such purchases.
