Two supertankers carrying Iranian crude have docked at Indian ports on the east and west coasts, marking the first such deliveries in nearly seven years, according to ship-tracking data, reported by PTI.
The Felicity, a very large crude carrier operated by the National Iranian Tanker Company, anchored off Sikka in Gujarat late Sunday with about 2 million barrels of crude loaded at Kharg Island in mid-March.
A second vessel, Jaya, moored near Paradip port in Odisha around the same time, carrying a similar quantity of crude lifted from Kharg Island in late February, before the escalation of military strikes involving the United States, Israel and Iran, followed by Tehran’s retaliation.
The shipments come after a limited US sanctions waiver issued last month, allowing the sale of Iranian oil already in transit. The exemption was aimed at easing global supply pressures and stabilising oil prices amid geopolitical tensions.
However, uncertainty persists after reports that peace talks collapsed over the weekend, with Washington announcing a blockade of Iranian ports to curb Tehran’s oil export revenues.
The buyers of the cargoes have not been officially disclosed. Paradip port is primarily operated by Indian Oil Corporation, which has confirmed purchasing at least one Iranian shipment under the waiver. Sikka is a major crude-handling hub for Reliance Industries and Bharat Petroleum Corporation, which have infrastructure in the region.
This marks a significant return of Iranian crude to Indian shores after imports were halted in May 2019 following tightening US sanctions. India had previously been one of Iran’s largest oil buyers, importing significant volumes of Iran Light and Iran Heavy grades before the restrictions.
At its peak, Iranian crude accounted for 11.5% of India’s total oil imports. India was importing around 518,000 barrels per day in 2018, which dropped to 268,000 bpd in early 2019 during a temporary US waiver period.
A previous cargo of Iranian crude aboard the tanker Ping Shun, carrying about 600,000 barrels and bound for Vadinar in Gujarat, was diverted to China due to payment issues.
The current waiver, allowing the purchase of Iranian oil already at sea for 30 days, is set to expire on April 19. Industry estimates suggest about 95 million barrels of Iranian crude are currently afloat, with a portion potentially available to Indian refiners, while others are likely headed to China and Southeast Asia.
(With PTI inputs)
