India has started receiving oil from Iran for the first time in seven years, which became possible after the US temporarily lifted restrictions on the export of Iranian crude and petroleum products. This was reported by Reuters.

Data from ship tracking systems LSEG and Kpler confirm that tankers with Iranian oil are heading to Indian ports. State-owned Indian Oil Corporation (IOC) has purchased the first batch of crude, which is now being transported by the Curacao-flagged tanker Jaya. The vessel is headed to India's east coast and is expected to arrive this week.

Jaya was initially headed towards Southeast Asia, but a change in course indicates that India has become the final destination for unloading. In addition, another tanker, the Jordan, is also heading to Indian oil refining terminals, confirming the intensification of supplies.

India, the world’s third-largest oil consumer, halted purchases from Tehran in May 2019 due to U.S. sanctions. The resumption of supplies is linked to the escalation of hostilities in the Middle East, which has disrupted the Strait of Hormuz, a strategic route through which about a fifth of the world’s crude oil exports pass.

India’s oil ministry confirmed the purchases, citing the need to diversify supply sources amid security risks. The ministry also said state-owned refineries were not having any problems making payments for Iranian crude.

The deliveries come amid a record build-up of Iranian offshore oil reserves. According to Kpler, a research firm, oil storage in tankers exceeded 180 million barrels in April, one of the highest levels in recent years. This indicates Iran's willingness to actively supply oil to international markets.

The resumption of Iranian oil supplies offers India an opportunity to strengthen its energy security and reduce its dependence on other suppliers, while stimulating competition in the regional petroleum products market.