Our Bureau
Mumbai
India’s major oil refiners are moving slowly to buy Iranian crude, even after the United States gave a short‑term waiver allowing limited purchases of Iranian barrels at sea. The move is meant to ease global oil prices, which have risen because of the ongoing war involving Iran and wider tensions in West Asia. Yet, Indian buyers are holding back, worried about payments, shipping routes, and insurance risks.
Refiners in India say the US approval has not removed all practical hurdles. Banks and insurers are still cautious about handling Iranian transactions, and there is little clear guidance from the government on how to safely manage such deals. This has made companies nervous, especially after past US sanctions on Iran, which once forced India to stop buying Iranian oil altogether in 2019.
When the US earlier allowed India to buy Russian oil, refiners jumped in quickly because payment and shipping routes were clearer. In contrast, the current Iranian waiver is seen as narrower and more uncertain, with only certain cargoes at sea allowed for a brief 30‑day window. Officials say India will review Iranian imports on a “techno‑commercial” basis, meaning they will buy only if the costs and logistics make sense.
The delay in Indian purchases means extra Iranian supply may not reach markets as fast as Washington hoped. For now, India continues to rely heavily on Russian crude and other overseas sources to keep fuel prices stable at home, while watching the US‑Iran situation closely.
