US eases sanctions temporarily; tankers reroute from China to India amid global supply concerns
India Iranian oil imports
After a gap of seven years, India will receive crude oil from Iran this week. Initially, a tanker was heading toward China; however, authorities suddenly signaled it to divert toward India. Meanwhile, Washington temporarily eased sanctions on Iranian oil to stabilize the strained global supply situation. As a result, India has resumed importing oil from Tehran after a long pause.
According to data from the London Stock Exchange Group and Kpler, a Curaçao-flagged Very Large Crude Carrier (VLCC) named “Jaya” will deliver Iranian crude oil to India’s east coast.
At first, the vessel was sailing toward Southeast Asia, particularly China; however, it later changed its course toward India. Although Indian Oil Corporation has reportedly purchased the cargo, the company has not issued any official statement so far. In addition, Reuters reports that another tanker, “Jordan,” will also arrive at India’s coast carrying crude oil.
India last imported Iranian oil in May 2019. Even though Iran offered oil at lower prices, U.S. sanctions forced Indian refiners to stop purchases. Since then, Indian refiners have relied heavily on alternative sources, including producers from West Asia and the United States.
India Iranian oil imports
