economy
India makes first Iranian oil purchase in seven years with no payment problems
The world's third-biggest oil importer and consumer, India has not received a cargo from Tehran since May 2019.
TL;DR
- Indian refiners have purchased Iranian oil, resuming imports after a seven-year hiatus.
- This move comes in response to supply disruptions in the Middle East.
- There are no payment issues for the imported Iranian crude oil.
- India has secured its overall crude oil requirements for the coming months.
- The country also purchased 44,000 metric tons of Iranian liquefied petroleum gas, which is being discharged at the port of Mangalore.