Iran's petroleum minister Mohsen Paknejad on Thursday met Petroleum and Natural Gas Minister Hardeep Singh Puri to discuss ways to enhance cooperation in the hydrocarbon sector. Paknejad is in India to participate in the 11th BRICS Energy Ministers' Meeting.
India is hosting the 11th BRICS Energy Ministers' Meeting under its BRICS Chairship 2026. The meeting assumes significance as the United States has granted a 60-day waiver on sanctions related to Iranian crude oil following the more than 100-day disruption of shipping through the Strait of Hormuz, a key waterway that carries around 20% of global crude supplies. The waiver allows countries, including India, to purchase Iranian crude oil over the next two months.
Paknejad also addressed the BRICS Energy Ministers' Meeting, where he outlined Iran's views and positions on key issues facing the global energy sector.
"About the sanctions, as you know, we have a kind of waiver for 60 days, and we are going on based on some issues that we have had agreed with Americans in this regard about the sanctions," Paknejad said.
According to sources, Iran is keen to resume crude oil exports to India and is also interested in supplying liquefied petroleum gas (LPG), which saw supply disruptions during the recent conflict in West Asia. India imports a significant share of its energy requirements through routes linked to the region.
However, sources said there is still no clarity on payment mechanisms for purchases of Iranian crude oil and other petroleum products, which could remain a key hurdle in reviving energy trade.
India, which meets nearly 88% of its crude oil requirement through imports, has already secured most of its crude purchases through August 2026. Iran was once among India's major oil suppliers, but imports came to a halt after the imposition of US sanctions.
Paknejad also held talks with Union Minister of Power and Housing and Urban Affairs Manohar Lal on the sidelines of the meeting.
The two-day BRICS Energy Ministers' Meeting is being held in Gurugram, Haryana, on June 25 and 26.