India has purchased Iranian oil for the first time in seven years without payment issues amid supply disruptions through the Strait of Hormuz, the country's oil ministry reported, according to Reuters, writes UNN.
Details
According to the ministry, Indian refineries have resumed purchases of crude oil from Iran to compensate for the deficit caused by the conflict in the Middle East. The ministry stated that "there are no obstacles to paying for imports of Iranian crude oil."
India has not imported oil from Iran since May 2019 due to US sanctions pressure. The situation changed after a temporary easing of restrictions by Washington, which allowed countries to resume purchases to stabilize the market.
India covered its oil needs for several months
The ministry noted that the country has already secured its crude oil needs for the coming months. India imports energy from more than 40 countries and can change suppliers depending on market conditions.
In addition to oil, India also received 44 thousand tons of Iranian liquefied gas. A tanker with fuel arrived at the port of Mangalore, where it is being unloaded.
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