Historically, India was a major buyer of Iranian crude, importing significant volumes of Iranian Light and Heavy grades due to strong refinery compatibility and favourable commercial terms. At peak, Iranian crude accounted for 11.5 per cent of India's total imports. An estimated 140 million barrels of Iranian oil is on vessels on sea. Sumit Ritolia, analyst at Kpler, said India could emerge as a key demand centre to watch, alongside Chinese buyers and other Asian countries, for Iranian crude. "Currently, Iranian crude availability remains elevated, with an estimated 170 million barrels on water, including floating storage and cargoes in transit.

Source: The Telegraph March 23, 2026 15:41 UTC