India has resumed buying oil from Iran for the first time in nearly five years, as ongoing tensions in the Middle East continue to disrupt supplies, especially through the Strait of Hormuz, Reuters reported.
The oil ministry said Indian refiners are securing crude from different sources, including Iran, to meet demand during the current supply challenges. It added that there are no payment issues related to importing Iranian oil.
India, the world’s third-largest oil importer, stopped buying Iranian crude in May 2019 due to US pressure. However, recent disruptions caused by the US-Israel conflict pushed the country to seek alternative supplies.
Last month, the US temporarily eased sanctions on Iranian oil and refined products to help stabilize the market, making such purchases possible again.
The ministry said India has already secured enough crude for the coming months and continues to import oil from more than 40 countries, depending on market conditions.
In addition, India has received 44,000 metric tons of Iranian liquefied petroleum gas (LPG). The shipment arrived at the western port of Mangalore earlier this week and is currently being unloaded.
