a minute agoIndia buys Iran oil for the first time in a few years
Periskopi(3 months ago)
(3 months ago)India has bought oil from Iran for the first time in a few years, its Ministry of Oil and Natural Gas confirmed on Saturday, while continuing war in the Middle East continues to disturb global energy markets. The ministry's statement marked a rare official admission that India is now importing oil from [...]
India has bought oil from Iran for the first time in a few years, its Ministry of Oil and Natural Gas confirmed on Saturday, while continuing war in the Middle East continues to disturb global energy markets.
The ministry's statement marked a rare official admission that India is currently importing oil from Iran, after seven years of evasion due to US sanctions, Reuters reported.
India has also acquired 44,000 tonnes of liquid oil gas (LPG) from Iran, the ministry added, which is being downloaded to the port of Mangalore.
Since India imports most of its fuel, including about 85% of its LPG, from the Middle East, it has been hit hard by the effective closure of Iran's Hormuz Strait in response to US-Israel attacks.
This admission that India is buying Iranian fuel comes after the Trump administration issued a temporary license last month for Iran to sell 140 million barrels of crude oil located at sea, in an effort to reduce pressure on markets.
