India has purchased crude oil from Iran for the first time in seven years, as supply disruptions in the Middle East threaten global energy markets.
The deal comes amid the ongoing conflict involving the U.S. and Israel, which has disrupted shipments through the Strait of Hormuz.
According to India’s Ministry of Petroleum and Natural Gas, refiners have secured Iranian crude without any payment issues, easing fears over energy shortages.
“Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran. India imports crude oil from 40-plus countries, with companies having full flexibility to source oil from different sources and geographies based on commercial considerations,” the ministry said in a statement on X.
India had not received oil from Tehran since May 2019, following U.S. pressure on buyers to avoid Iranian crude. However, the recent war has forced Washington to temporarily lift sanctions on Iranian oil and refined products to ease global shortages.
The shipment is part of a broader effort to ensure India’s energy needs are met over the coming months. The ministry confirmed there were no obstacles in payment, dismissing rumours to the contrary.
India has also imported 44,000 metric tonnes of Iranian liquefied petroleum gas (LPG) on a sanctioned vessel, which arrived at the western port of Mangalore this week.
The country has faced significant domestic challenges due to the global energy crunch. Delays in LPG supply have led to hoarding and illegal sales, with some cylinders being sold at almost double the usual price.
Authorities have acted swiftly, conducting more than 12,000 raids and seizing over 15,000 cylinders to curb profiteering.
The government has urged consumers to avoid panic buying, make use of digital booking platforms, and consider alternative energy options such as piped natural gas or electric and induction cooktops.
Officials also emphasised energy conservation to help manage demand during this turbulent period.
With the Iranian crude now arriving, India says it is confident that its energy supply for the coming months is fully secured, a move that could offer some relief to consumers and industries alike.
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 21st of July, covering the latest developments you need to know.
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