A series of developments over the past few days is expected to ease energy supplies to India, with inbound vessels moving towards Indian ports and Iran initiating talks to resume oil exports.
Sources said more than 30 India-bound ships had been stranded across the Strait of Hormuz, but most have crossed over the past three days. Only 12 vessels remain on the other side and are expected to transit the chokepoint in the coming days.
Iran has also conveyed its interest in resuming crude oil sales to India during the recent Brics energy ministers’ meeting, sources said. Iranian petroleum minister Mohsen Paknejad met petroleum and natural gas minister Hardeep Singh Puri on the sidelines of the meeting. Separately, Tehran has reached out through official foreign ministry channels to revive crude sales to India.
Sources said India is carefully evaluating the proposal after the lifting of US-led sanctions. India could emerge as a significant buyer of Iranian crude in the coming months as Tehran seeks to diversify its customer base.
Until now, China has been the principal buyer of sanctioned Iranian crude, giving it considerable leverage over pricing. A broader pool of buyers, including India, would give Iran greater flexibility in negotiating export terms.
India-Iran ties have remained resilient through the recent West Asia crisis. New Delhi facilitated the docking of Iranian naval vessels and assisted in the repatriation of Iranian sailors during the conflict.India is also expected to be represented at a senior level at the funeral of Ayatollah Ali Khamenei while Tehran has extended an invitation to Prime Minister Narendra Modi for an official visit.