Oil Trade
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.
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In response to talks on India purchasing Venezuelan oil under a US trade pact, Russia has stated that India is free to buy oil from any country. However, Moscow noted that replacing Russian oil volumes would not be commercially simple. India imports nearly 88% of its crude oil, with Russian supplies emerging as a key source after 2022.