India Resumes Iranian Oil Imports After Seven-Year Hiatus
India is set to receive Iranian oil for the first time in seven years following a temporary easing of U.S. sanctions. Ship tracking data shows that the Indian Oil Corp has purchased a cargo currently en route. This move comes amid supply disruptions due to Middle East conflicts.
India will receive its first shipment of oil from Iran in seven years, following a temporary easing of U.S. sanctions, according to ship tracking data. The Indian Oil Corp has purchased the cargo, which is currently on the Curacao-flagged carrier Jaya and is expected to arrive on India's east coast later this week.
The Jaya initially headed to Southeast Asia to discharge in China before redirecting to India, the data revealed. LSEG data also highlights another carrier, Jordan, signaling India as its discharge location. This marks a significant move for India, the world's third-largest oil importer and consumer, as it has not imported from Tehran since U.S. pressure in 2019.
The Indian oil ministry noted that refiners are sourcing Iranian oil due to the Middle East conflict disrupting supplies via the Strait of Hormuz. Meanwhile, Kpler data indicates high levels of Iranian crude oil on water, nearing record levels of over 180 million barrels.
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