First time in 7 years! India gets 4 million barrels of crude oil from Iran just ahead of Trump waiver expiry

In the middle of the ongoing Middle East conflict, India has received around 4 million barrels of crude from Iran. This is the first time in around seven years that India has procured crude oil from Iran. India is looking to quickly secure supplies ahead of a deadline set by the Donald Trump administration that expires over the weekend.India, which relies heavily on imported energy and is sensitive to price fluctuations, has felt the impact of disruptions in global oil flows following strikes by the United States and Israel on Iran since late February. To manage the situation, it has made use of temporary waivers granted by Washington that permitted purchases of previously restricted Russian and Iranian crude, aimed at easing global oil prices. One of these waivers has already lapsed, while the other is set to expire soon unless extended at the last moment.A Bloomberg report quoting sources familiar with the matter and vessel-tracking data from intelligence firms Kpler and Vortexa, said that the very large crude carrier Jaya, fully loaded with Iranian oil, is currently unloading its cargo at Paradip on India’s eastern coast.Also Read | Atmanirbhar Bharat 2.0 push: Amid Middle East conflict, India working on self-reliance in energy, nuclear power Another tanker, Felicity, is carrying out similar operations at Sikka on the western coast. Both vessels, which are under US sanctions, are expected to leave Indian ports by Friday, based on port documents reviewed by Bloomberg News.Indian Oil Corporation handles crude shipments at Paradip, while Sikka is used by Reliance Industries and Bharat Petroleum Corporation, which operates a single-point mooring facility in the area.India had been a major importer of seaborne Russian crude until last year and quickly ramped up those purchases. However, refiners have faced greater challenges in sourcing and paying for Iranian shipments due to continuing financial sanctions. Earlier this month, India indicated that it would procure crude from Iran, among other sources, to deal with the ongoing supply strain.The arrival of cargoes carried by the tankers Jaya and Felicity, both under US sanctions for their role in transporting Iranian oil, suggests that alternative arrangements have been put in place to facilitate these imports, the report said.Meanwhile, another Iran-linked vessel, Derya, is currently positioned off India’s western coast with a full load of crude. The tanker had taken on cargo at Kharg Island in late March, but may have missed the deadline tied to the US waiver. It is currently signaling that it is awaiting further instructions, indicating that it has yet to secure a destination port.Also Read | Trump’s blockade of Strait of Hormuz begins: How will India be impacted?