India says it made first oil purchase from Iran since 2019 without payment issues

The Indian oil ministry says the country has purchased a first oil shipment from Iran in seven years amid restrictions on the flow of crude oil from the Persian Gulf resulting from US-Israeli aggression on Iran.

The ministry said in a Saturday post on its X account that refiners in India had secured purchases of Iranian oil shipments for the first time since May 2019, when the United States removed waivers given to the country and other major buyers from sanctions on Iranian oil imports.

It said India also faces no problem in paying for Iranian oil shipments, a hurdle caused by US sanctions that had further discouraged buyers from sourcing Iranian oil.

“Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran; and there is no payment hurdle for Iranian crude imports,” the Indian oil ministry said.

It claimed Indian refiners are free to choose their oil suppliers from more than 40 countries in various geographies.

However, the announcement by the world's third-biggest oil importer and consumer comes less than a month after the United States was forced to ease its sanctions on Iranian oil buyers amid tight restrictions imposed by Iran on the flow of oil through the Strait of Hormuz, a key waterway in the Persian Gulf which is responsible for a fifth of global oil demand.

Iran says the restrictions, which have caused global oil prices to hit record levels, are applied to ships that are tied to the US and Israel, saying others are free to transit after coordinating with Iranian authorities.

Iran has dismissed the US decision to ease sanctions on Iranian oil exports to increase global supplies, saying sanctions have never been a major impediment to the country’s oil exports.

India said its refiners have secured full requirements of crude oil for the coming months, suggesting it has entered into a relatively lengthy period of oil imports from Iran.

The country’s oil ministry also said Iran has sold some 44,000 metric tons of Iranian liquefied petroleum gas to India, adding that the fuel cargo arrived on a sanctioned vessel at the western port of Mangalore on Wednesday and is currently being discharged.

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