India, New Buyer for Iranian Oil After Snapback Mechanism

Despite US officials’ promises to halt Iran’s oil exports, Tehran has now found a new buyer for its crude besides China.

Reza Sepahvand, a member of the Iranian Parliament’s Energy Committee, said that India, aware of the activation of the snapback sanctions mechanism, has submitted a request to purchase oil from Iran. Although the exact volume of the offer is not yet known, it is estimated to be around 10 million barrels per year.A week ago, official data from India’s Ministry of Commerce and Industry revealed that New Delhi had imported a shipment of crude oil worth $111 million from Iran.Moreover, from the beginning of this year until the end of July, India’s total purchases of petroleum products from Iran reached $94 million.Accordingly, in the first seven months of 2025, Iran’s total exports of crude oil and petroleum products to India amounted to $205 million, accounting for 54% of its total exports to the country.Two weeks ago, Bloomberg reported that Indian officials told the Trump administration that a significant reduction in oil imports from Russia would only be possible if Washington allowed New Delhi to buy crude from sanctioned suppliers, namely Iran and Venezuela.Indian representatives have stressed that simultaneously cutting off oil supplies from Russia, Iran, and Venezuela — all major producers — could trigger a surge in global prices, as nearly 90% of India’s oil needs are met through imports.

India halted its oil purchases from Tehran in 2018, when the United States withdrew from the JCPOA and subsequently ended sanctions waivers allowing India to import Iranian crude.

14:42 - 12 مهر 1404

2 بازنشر

14٫5k بازدید

India, New Buyer for Iranian Oil After Snapback Mechanism

تازه ترین اخبار