With the global oil crisis escalating amid the West Asia war, two supertankers carrying Iranian crude have reached Indian ports after nearly seven years, marking a significant shift amid global oil supply concerns
The buyers of the cargoes reaching Indian coasts have not been formally disclosed. Representational pic
Amid the concerns around the global oil and LPG crisis, two supertankers carrying Iranian crude have arrived at Indian ports on both the east and west coasts, news agency PTI reported. This marked the first such deliveries in nearly seven years, according to ship-tracking data.
Felicity, a large crude carrier operated by the National Iranian Tanker Company, anchored off Sikka on Gujarat’s coast late on Sunday, carrying about 2 million barrels loaded at Kharg Island in mid-March.
However, the buyers of the cargoes reaching Indian coasts have not been formally disclosed.
A second tanker named Jaya was moored near Paradip on Odisha's coast around the same time. As per reports, the tanker is transporting a similar volume of crude, lifted from Kharg Island in late February, before the US and Israel launched military strikes against Iran, followed by Tehran's retaliation.
Furthermore, the shipments are the first Iranian crude cargoes to reach Indian shores in nearly seven years, following a sanctions waiver issued by the US last month.
US-Iran peace talk failure disrupts global supply chain
The one-month exemption permitted the sale of Iranian oil already in transit, aimed at easing global supply disruptions and containing prices.
However, after peace talks collapsed over the weekend, Washington announced a blockade of Iranian ports, seeking to curb Tehran's oil export revenues.
Paradip Port is primarily operated by Indian Oil Corporation, which has confirmed purchasing at least one Iranian shipment under the waiver. Sikka, meanwhile, is a key crude handling hub for Reliance Industries and Bharat Petroleum Corporation, both of which maintain infrastructure in the region.
Late last month, the tanker Ping Shun, carrying about 6 lakh barrels of Iranian crude, was initially bound for Vadinar in Gujarat but diverted to China mid-voyage due to payment issues.
Had it reached Vadinar, the oil on Ping Shun would have been the first Iranian barrels to reach Indian shores in seven years.
Iran and India’s oil trade history
Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian light and heavy grades due to strong refinery compatibility and favourable commercial terms.
Following sanctions tightening in 2018, imports ceased from May 2019, with volumes replaced by Middle Eastern, US and other grades. At its peak, Iranian crude accounted for 11.5 per cent of India's total imports.
Earlier, before the sanctions were imposed, India used to buy 5.18 lakh barrels per day of Iranian oil in 2018, which slowed to 2.68 lakh bpd between January and May 2019, when the US granted waivers to a few buyers. There have been no imports since.
(With inputs from PTI)
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