Nandini Roy Choudhury, writer
In short
- Indian refiners have resumed purchasing Iranian oil for the first time since May 2019, amid supply disruptions caused by the ongoing Middle East war affecting the Strait of Hormuz.
- The U.S. has temporarily lifted restrictions on Iranian oil imports to help alleviate global supply shortfalls, allowing India to secure its crude oil requirements from various sources.
- India has successfully obtained all necessary crude oil for the upcoming months and is actively sourcing from over 40 countries to meet the demands of its large population.
Detailed news
The oil ministry announced on Saturday, Indian refiners have bought Iranian oil. In the midst of the Middle East war that has interrupted supply through the Strait of Hormuz.
India, being the third-largest oil user and importer in the world, has not received a shipment from Tehran since May 2019 due to restriction from the United States not to acquire Iranian crude. However, supply delays caused by the war, the United State — Israel have severely affected the South Asian country which is a matter of concern. This war has changed the global scenario disrupted the supply chain , the whole world is affected by this war.
India government are continuously refilling their supply from every souce as they have ahuge population to cater, which is not easy.
“Indian refiners have secured their crude oil requirements, including from Iran, amid Middle East supply interruptions; and there is no finance obstacles for Iranian crude imports,” the oil ministry stated on X.
US is understanding the disruption happening because of the war.In an effort to alleviate supply shortfalls, the US temporarily lifted restrictions on Iranian oil and processed goods last month.
The government also stated that India has obtained all of the crude oil it needs for the upcoming months.
“From more than 40 countries India imports crude oil, with companies having complete pliability to source oil from different sources and geographies based on commercial considerations.”
Additionally, a sanctioned vessel carrying 44,000 metric tons of Iranian liquefied petroleum gas was purchased by India. According to the ministry, the ship is releasing petroleum after harbouring at the western port of Mangalore on Wednesday.
Indian government efficient and diligent and trying to cope up with war environment and efficiently taking care of their supply and needs.
Source: CNBC news
