India makes first Iranian oil purchase in seven years
CNBC • • world
Key Points:
- Indian refiners have resumed purchasing Iranian oil amid Middle East supply disruptions caused by the U.S.-Israel conflict, according to India's oil ministry.
- This marks the first Indian cargo from Tehran since May 2019, after U.S. pressure had previously halted Iranian crude imports.
- The U.S. recently eased sanctions on Iranian oil and refined products temporarily to address global supply shortages.
- India has secured its crude oil needs for the coming months by sourcing from over 40 countries, maintaining flexibility based on commercial considerations.
- Additionally, India imported 44,000 metric tons of Iranian liquefied petroleum gas via a sanctioned vessel that recently docked at the port of Mangalore.
