After Russia, India is now preparing to buy oil from Iran, but Iran’s new claim created panic.

New Delhi, 21 March. Refineries of many countries in Asia including India have prepared to resume purchasing Iranian crude oil after the US temporarily relaxed the sanctions imposed on Iran to reduce the energy crisis caused by the US-Israel vs Iran conflict.

News agency Reuters, based on sources, has reported that India’s major refineries are planning to buy Iranian oil and are waiting for clarity from Washington regarding government instructions and payment arrangements. India had recently booked huge volumes after the lifting of the embargo on Russian oil.

At present, a recent statement from Iran has created a stir. Iran has made it clear that it neither has any extra crude oil nor floating stock available to sell in the international market.

America gave 30 days exemption

It is noteworthy that US Treasury Secretary Scott Besant announced on Saturday that America has exempted sanctions on Iran’s oil for 30 days. This exemption will be applicable to those oil consignments which have been loaded in ships till March 20 and will be delivered till April 19. Its purpose is to control the shortage and skyrocketing prices of oil in the global market due to the Iran-Israel war.

swimming in the sea ‘treasure‘!

According to data analytics firm Kpler, approximately 170 million barrels of Iranian crude oil is currently in tankers at sea. This oil extends from the Middle East Gulf to the China Sea. Consultancy Energy Aspects estimates that this quantity is between 130 to 140 million barrels.

Asia’s dependency and crisis

If seen, Asia is dependent on the Middle East for about 60% of its crude oil needs. But recent tensions and near-shutdown in the Strait of Hormuz have forced refineries to reduce production and fuel exports.

India, which has less crude oil reserves compared to other big Asian countries, has already turned to Russian oil. Now the return of Iranian oil may provide relief in supply.

America had imposed ban in the year 2018

It is noteworthy that during his first term, US President Donald Trump had imposed sanctions on Iran’s nuclear program in the year 2018. After this, China became the largest buyer of Iranian oil. Before the sanctions, India, South Korea, Japan, Italy, Greece, Taiwan and Türkiye were also big buyers of Iranian oil.

Iranian Embassy in Mumbai completely rejected American claims

At present, after America gave a relaxation of 30 days, Iran has surprised everyone by saying that it does not have any extra oil left to sell. In a statement issued by the Iranian Embassy in Mumbai, the American claims have been completely rejected.

Iran argues that Iran currently has no oil floating in the ocean or any excess oil available for international markets. Taking a jibe at America, Iran said that the statement of the US Treasury Secretary is just an attempt to console the buyers and control the market sentiment.