India has resumed purchasing Iranian oil after a seven-year hiatus
India has resumed importing oil and gas from Iran after a seven-year hiatus. This move is attributed to the need to address supply disruptions and high energy prices caused by the war.
CNBC reports on this.
The first purchases since 2019 are unlikely to provoke an immediate backlash from Washington. However, analysts note that this underscores New Delhi’s attempt to restore balance in its relations with Tehran.
On Saturday, India’s Ministry of Energy stated that Indian refineries had secured crude oil supplies from more than 40 countries, including Iran, amid disruptions caused by the conflict in the Middle East.
India, as the world’s third-largest oil importer and second-largest consumer of liquefied natural gas, is critically dependent on the Strait of Hormuz, through which about 50% of its energy shipments pass. In exchange for resuming purchases, India expects Iran to guarantee the safe passage of its vessels.
It is telling that New Delhi preferred to conduct bilateral negotiations with Tehran regarding maritime security, ignoring a call from White House chief Donald Trump to join a U.S.-led naval coalition. Experts at Verisk Maplecroft call this “diversification of partnerships” and a sign of pragmatism.
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