India Secures Iranian Crude as War Disrupts Global Oil Flows

7 hours ago 5

TEMPO.CO, Jakarta - India has imported Iranian oil for the first time since 2019, after the U.S. waived sanctions on buying Iranian crude, authorities said on Saturday.

"Amid Middle East supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran; and there is no payment hurdle for Iranian crude imports," India's petroleum ministry said in a statement on X.

India imports crude oil from over 40 countries, with companies retaining full flexibility to source supplies across geographies based on commercial considerations, the statement added.

India's procurement of Iranian crude comes as the world's third-biggest oil importer and consumer has been hit hard by the Iran war, which has severely disrupted global energy supplies.

The Indian government had to enforce emergency directives to manage the impending fuel crisis while also engaging with Tehran to negotiate safe passage for Indian-flagged ships.

The ministry statement also called reports that payment-related concerns were behind a tanker carrying Iranian crude rerouting mid-voyage from India to China on Friday "factually incorrect."

The ministry did not cite the reason behind the diversion.

Read: FAO Reports 2.4% Increase in Global Food Prices Amid Rising Energy Costs

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