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With the possibility of Iranian oil exports increasing following the signing of a memorandum of understanding (MOU) between the United States and Iran, India and Iran have discussed ways to strengthen cooperation in the energy sector.
According to Indian media outlets such as The Times of India on June 26, Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas, held talks with Iranian Oil Minister Mohsen Paknejad in New Delhi the previous day.
Minister Paknejad is currently visiting New Delhi to attend the BRICS energy ministers' meeting.
The meeting drew attention as it was held amid growing prospects for the return of Iranian oil to the international market following the signing of the MOU between the U.S. and Iran.
After the meeting, Minister Puri stated on X (formerly Twitter) that they had explored opportunities for cooperation in the energy sector, adding, "India remains committed to enhancing energy security through dialogue, partnership, and mutually beneficial cooperation."
The Iranian Embassy in New Delhi also reported on X that both sides agreed on the need to strengthen cooperation in the energy sector, including oil and gas, and discussed ways to expand their partnership.
India previously halted imports of Iranian oil in 2019 when the U.S. reimposed sanctions on Iran's oil exports.
At its peak, Iranian oil accounted for more than 11 percent of India's total oil imports.
Indian refineries imported 500,000 tons of Iranian oil in April, marking the first such import in about seven years.
This was made possible after the U.S. granted a 30-day waiver on sanctions against Iran, a measure that expired on April 19.
The Telegraph India, citing sources, reported that Chinese state-owned refineries, including PetroChina, are also considering resuming imports of Iranian oil given the opportunity.
However, it is reported that interest in importing Iranian oil has somewhat cooled due to smooth oil supplies from other countries and a decline in oil demand within China.
Sources stated, "With oil exports from Saudi Arabia, Kuwait, and Iraq increasing, there is no shortage of oil (in the global market)," adding, "In this situation, it remains to be seen which country will be the first to purchase Iranian oil."
(Photo: Getty Images)
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