India Turns to Iran Oil Amid Global Crisis, Reliance Buys 5 Million Barrels
India explores Iran oil imports after temporary US sanctions relief as global crude prices surge, with Reliance reportedly purchasing 5 million barrels at premium rates.
- India explores Iran oil imports amid crisis
- Reliance buys 5 million barrels Iran oil
- Iran oil offered at premium over Brent
Amid rising global fuel prices and supply disruptions, India is once again looking at Iran as a potential source of crude oil. The shift comes after the United States temporarily eased sanctions, allowing limited oil trade from Iran.
One of the first major moves has reportedly come from Reliance Industries, which is said to have secured around 5 million barrels of Iranian crude. Sources indicate that the deal was made at a price higher than the Brent benchmark, reflecting the tight global supply situation.
The current energy crisis has been triggered by escalating tensions in West Asia, which have disrupted key shipping routes. The Strait of Hormuz, a critical passage for global oil transport, has seen disturbances, affecting nearly one fifth of worldwide crude movement.
India, which depends heavily on imports for its energy needs, has been actively diversifying its sources. With nearly 88 percent of its oil requirement coming from imports, the country is exploring every available option to maintain stable supplies.
Iranian suppliers have reportedly reached out to Indian refiners with fresh offers, even suggesting flexible payment options. While some traders prefer dollar transactions, others are open to accepting payments in rupees, making deals more accessible.
The temporary sanction relief window has allowed shipments to move through various routes, giving refiners a short but crucial opportunity to secure supplies. Cargo deliveries are expected to follow strict timelines, with payments to be completed soon after arrival.
Earlier, India had already increased its purchases of Russian crude to manage supply risks. Now, with Iran back in consideration, refiners are balancing multiple sources to navigate the ongoing crisis.
Experts say the current global energy situation is among the most severe in decades, highlighting the urgency for countries like India to secure reliable and diverse fuel sources.
