New Delhi: India has received shipments of Iranian crude oil for the first time in seven years, marking a significant development in its energy trade amid a temporary waiver granted by the United States. The move comes as Indian refiners act swiftly to utilise the limited window, which is set to expire on April 19.
According to shipping data, two very large crude carriers carrying Iranian oil have docked at Indian ports. The Iran-flagged vessel Felicity has arrived at Sikka Port on the western coast, while the Curacao-flagged tanker Jaya has reached a port in Odisha on the eastern coast. Each of these carriers is capable of transporting up to two million barrels of crude oil, indicating a substantial volume of imports.
India, the world’s third-largest importer and consumer of crude oil, had halted Iranian oil purchases in May 2019 following pressure from the United States. The latest development signals a temporary shift, allowing refiners to source oil from Tehran once again under relaxed restrictions.
State-run Indian Oil Corporation is reported to have secured a shipment carried by the tanker Jaya. Additionally, Reliance Industries, which operates the world’s largest refining complex, has also been permitted to procure Iranian crude through multiple vessels, including Felicity and others flagged under different jurisdictions.
Several of these tankers are older vessels and are currently under United States sanctions, highlighting the complexities surrounding the transaction. Despite this, Indian refiners appear to be leveraging the waiver to diversify supply and manage energy needs.
The resumption of Iranian oil imports, even if temporary, reflects the evolving dynamics of global energy markets and India’s efforts to balance geopolitical constraints with domestic demand.
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