India resumes buying Iranian crude for the first time since 2019 due to the war
The Indian government confirmed this Saturday that its refineries have resumed the purchase of Iranian crude for the first time since 2019, thus breaking years of interruption due to US pressure, due to failures in global supply derived from the conflict in the Middle East. "Amid supply disruptions in the Middle East, Indian refineries have secured their crude oil needs, including from Iran," the Ministry of Petroleum and Natural Gas declared this Saturday. The ministry specified in a statement that India imports oil from more than 40 countries and companies have full flexibility to source from different sources and geographies based on commercial considerations.
TL;DR
- Indian refineries have resumed buying Iranian crude oil, the first purchase since 2019.
- The resumption is attributed to global supply disruptions caused by the conflict in the Middle East.
- India had ceased Iranian crude purchases due to US pressure.
- The country also received a shipment of 44,000 metric tons of Iranian LPG.
- India imports oil from over 40 countries and companies have flexibility in sourcing.
- The Strait of Hormuz, usually a key transit route, is currently blocked by Iran.
- US had temporarily lifted sanctions on Iranian oil and refined products last month.