India eyes Iranian oil imports after US eases sanctions amid global energy crisis
According to reports, at least three Indian oil refining companies have indicated their willingness to resume imports from Iran, which was once a key supplier to India.
New Delhi: In a significant development amid the global energy crisis, Indian refiners are showing renewed interest in purchasing crude oil from Iran following a temporary easing of sanctions by the United States, sources said.
The move comes after Washington partially relaxed restrictions on Iranian oil exports to stabilise global energy markets disrupted by ongoing geopolitical tensions. According to reports, at least three Indian oil refining companies have indicated their willingness to resume imports from Iran, which was once a key supplier to India.
However, these refiners are awaiting further clarity on critical aspects such as payment mechanisms, shipping insurance, and compliance frameworks. Officials said that final decisions will depend on detailed guidelines from both the US administration and the India government.
The US Treasury has reportedly allowed a 30-day waiver for the purchase of Iranian oil that is already in transit at sea. US Treasury Secretary Scott Bessent confirmed the temporary relaxation, marking the third such instance since the escalation of conflict in the region.
Industry experts believe that the easing of sanctions could provide short-term relief to energy-importing nations grappling with volatile crude prices. India, being one of the world’s largest oil importers, stands to benefit significantly if supplies from Iran resume at competitive rates.
In addition to India, several Asian countries are also exploring the feasibility of importing Iranian crude under the relaxed norms. Refiners across the region are closely monitoring developments to assess legal and financial risks before entering into fresh contracts.
Iranian oil has historically been attractive to Indian refiners due to favourable pricing, flexible credit terms, and logistical advantages. However, imports had sharply declined in recent years due to stringent US sanctions.
The current relaxation is being viewed as a strategic step by the US to ease pressure on global fuel markets, which have witnessed sharp fluctuations due to supply disruptions and rising tensions in the Middle East.
Despite the temporary relief, analysts caution that the situation remains fluid. Any escalation in geopolitical tensions or changes in US policy could again impact the availability of Iranian oil in international markets.
For now, Indian refiners appear cautiously optimistic, balancing potential economic benefits with regulatory uncertainties. The coming weeks are expected to be crucial in determining whether Iranian crude will make a sustained return to India’s energy basket.
