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

Indian oil refiners have recently acquired Iranian oil for the first time in seven years, according to the oil ministry on Saturday. This purchase comes as the ongoing conflict in the Middle East has affected oil supplies through the Strait of Hormuz. India, which is the world's third-largest oil importer and consumer, has not imported any oil from Iran since May 2019 due to U.S. pressure against purchasing Iranian crude. However, disruptions in supply caused by the U.S.-Israel war have significantly impacted Sri Lanka and neighboring nations. The oil ministry stated on X, “Due to the Middle East supply issues, Indian refiners have met their crude oil needs, including imports from Iran, and there are no payment issues for these imports.” Recently, the United States lifted some sanctions on Iranian oil and refined products to help alleviate supply shortages. The ministry also noted that India has secured enough crude oil for the upcoming months. “India imports crude oil from over 40 countries, allowing companies to choose oil sources based on business needs,” the ministry added. Additionally, India purchased 44,000 metric tons of Iranian liquefied petroleum gas from a sanctioned vessel, which arrived at the western port of Mangalore on Wednesday and is currently unloading the fuel.