India buys Iranian oil for the first time in seven years without any payment issues

The oil ministry announced on Saturday that Indian refiners had purchased Iranian oil?amid a Middle East conflict which has?disrupted supplies via the Strait of Hormuz.

India, the world's third largest oil importer and user, hasn't received a shipment from Tehran since May 2019. This is due to U.S. pressure against buying Iranian crude. However, supply disruptions caused by the U.S. - Israel?war, have affected the South Asian nation severely.

The oil ministry announced on X that "Indian refiners have secured crude oil supplies, including from Iran, despite Middle East supply disruptions. There is no payment obstacle for Iranian crude imports."

Last month the United States temporarily lifted sanctions on Iranian oil, refined products and other petroleum products in order to alleviate supply shortages.

The ministry said that India has met its entire crude oil requirements for the next few months.

India imports crude oil from more than 40 countries. Companies are free to choose the source of?oil? based on their commercial needs.

India also purchased 44,000?metric tonnes of Iranian liquefied?gas, which was loaded onto a sanctioned ship. The ministry stated that the vessel, which berthed in the western port of Mangalore, on Wednesday, was discharging fuel. Reporting by Nidhi verma and Devika nair in Bengaluru, Editing by Joe Bavier & Clarence Fernandez

(source: Reuters)