Home / Business and Economy / India Buys Iranian Oil Amid Strait of Hormuz Disruptions
India Buys Iranian Oil Amid Strait of Hormuz Disruptions
4 Apr
Summary
- Indian refiners have resumed Iranian oil imports due to Middle East supply issues.
- India has not received Iranian crude since May 2019 due to U.S. pressure.
- The nation also imported 44,000 metric tons of Iranian LPG last week.
Indian refiners have recently purchased Iranian oil, a move prompted by significant supply disruptions in the Middle East, particularly through the critical Strait of Hormuz. This development signifies a notable change in India's energy strategy. India, the world's third-largest oil importer, had ceased receiving crude from Tehran in May 2019 following pressure from the United States. However, ongoing supply chain issues have necessitated securing diverse sources.
The Ministry of Petroleum confirmed that Indian refiners have met their crude oil needs, including from Iran, and emphasized the absence of payment complications for these imports. This strategic procurement ensures India's energy security for the upcoming months. Furthermore, India has also taken delivery of 44,000 metric tons of Iranian liquefied petroleum gas, which berthed at the western port of Mangalore on Wednesday, highlighting a broader engagement with Iranian energy products.
