India-Iran Oil Trade
History, Sanctions, and the SPR
India's relationship with Iran as an oil supplier has oscillated with the rhythm of US sanctions policy. Before 2018, Iran was India's third-largest oil supplier; by 2019, imports were zero.
- Peak India-Iran oil imports: approximately 620,000 b/d in 2018 (fiscal year 2017–18), representing ~11.5% of India's total crude imports.
- Iran offered India favourable payment terms: rupee payments, extended credit, and reduced freight costs (Iran delivered oil to Indian ports — Cost, Insurance, Freight basis).
- India received a 180-day waiver from the Trump administration in November 2018 when sanctions were reimposed; the waiver was not renewed in May 2019.
- Indian refiners — Indian Oil Corporation (IOC), Mangalore Refinery and Petrochemicals Ltd (MRPL), Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) — had adapted their refinery configurations to process Iranian crude grades.
- After 2019, India diversified to Iraq (which became its top supplier), Saudi Arabia, UAE, US, Russia (sharply after 2022), and others.
- India's Strategic Petroleum Reserves (SPR): three facilities at Vishakhapatnam, Mangalore, and Padur with total capacity of ~5.33 million tonnes (~39 million barrels), covering approximately 9 days of imports.
● Tracked since March 20, 2026 · last seen April 09, 2026 · updates as the daily brief publishes
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