India has successfully completed its first purchase of Iranian oil in seven years without encountering any payment issues

Indian refiners have acquired Iranian oil in light of the ongoing Middle East conflict, which has affected supplies via the Strait of Hormuz, as reported by the oil ministry on Saturday.

India, the world’s third-largest oil importer and consumer, has not received a cargo from Tehran since May 2019 due to U.S. pressure against purchasing Iranian crude. However, supply disruptions stemming from the U.S.-Israel conflict have significantly impacted the South Asian nation, leading to increased efforts by Indian refiners to diversify their oil sources and secure alternative supplies. In light of these Middle East supply disruptions, Indian refiners have managed to secure their crude oil needs, including from Iran, with no payment obstacles for Iranian crude imports, as stated by the oil ministry on X.

In the previous month, the United States lifted sanctions on Iranian oil and refined products for a limited time to alleviate supply shortages.

The ministry stated that India has fulfilled its total crude oil requirements for the upcoming months. “India imports crude oil from over 40 countries, with companies enjoying complete flexibility to source oil from various origins and regions based on commercial factors.”

India has purchased 44,000 metric tons of Iranian liquefied petroleum gas that was loaded on a sanctioned vessel. The ministry announced that the vessel, which docked at the western port of Mangalore on Wednesday, is currently discharging the fuel.