India makes first Iranian oil buy in seven years with no payment problems

Indian refiners have purchased Iranian oil amid the Middle ​East conflict that has disrupted supplies through ‌the Strait of Hormuz, the oil ministry said on Saturday.

The world’s third-biggest oil importer and consumer, India has not ​received a cargo from Tehran since May ​2019, following U.S. pressure not to buy Iranian ⁠crude, but supply disruptions from the U.S.-Israel war have ​hit the South Asian nation hard.

“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 oil ministry said on ​X.

Last month, the United States temporarily removed sanctions on Iranian oil ‌and ⁠refined products to ease supply shortages.

India has secured its full requirements of crude oil for the coming months, the ministry added.

“India imports crude oil from ​40-plus countries, ​with companies ⁠having full flexibility to source oil from different sources and geographies based on ​commercial considerations.”

India has also bought 44,000 metric ​tons ⁠of Iranian liquefied petroleum gas loaded on a sanctioned vessel. The ministry said the vessel, which berthed at ⁠the ​western port of Mangalore on ​Wednesday, is discharging the fuel.