India has resumed oil trade with Iran after a five-year gap following a US 30-day waiver on sanctions. The Ping Shun tanker, loaded with Iranian crude, is heading to Vadinar port in Gujarat. This delivery comes as Indian refiners face crude shortages.
New Delhi, March 31, 2026. Research analyst Sumit Ritolia stated that India-Iran oil trade has restarted, with the first Iranian crude cargo since May 2019 heading to Vadinar port in Gujarat. The Aframax tanker Ping Shun, carrying about 600,000 barrels, departed Kharg Island in early March, with an expected arrival on April 4.
Vadinar hosts Nayara Energy's refinery, backed by Russia's Rosneft, with a capacity of 20 million tonnes per year. It also serves as a key supply point for Bharat Petroleum Corporation Ltd's Bina refinery. The buyer of this cargo remains unclear.
India was once a major buyer of Iranian oil, accounting for up to 11.5% of its total imports. In 2018, daily imports stood at 518,000 barrels, dropping to 268,000 by early 2019 before halting due to US sanctions.
The US granted a 30-day waiver this month on seaborne Iranian oil, effective until April 19. Around 95 million barrels of Iranian oil are at sea, with 51 million suitable for India. Payment issues persist as Iran remains excluded from the SWIFT system.
