A big relief news has emerged after the high level diplomatic talks between Iran and India. Indian oil tankers passing through the Strait of Hormuz have got safe passage, following talks between India’s External Affairs Minister S Jaishankar and Iran’s Foreign Minister Abbas Araghchi. According to Bloomberg report, the negotiations were successful and soon after, the first shipment of crude oil reached Mumbai safely. Many other tankers are also moving towards Indian ports without any problem.
How did Indian ships get safe passage?
This was the third conversation between the foreign ministers of the two countries since the war began. Currently, 28 Indian ships are operating around the Strait of Hormuz, including Indian oil tankers named ‘Pushpak’ and ‘Parmal’. Iran’s military has made it clear that its sanctions are mainly on ships of America, Israel and European countries. Ships from non-Western countries can use this route. However, Iranian officials have also said that there is no separate special or exclusive agreement for Indian ships, but it is a part of their existing policy.
What effect will this have on India’s oil supply?
India imports more than 50 percent of its crude oil and natural gas through the Strait of Hormuz. In view of the situation arising due to the war, India has made a major change in its strategy. Now 70 percent of fuel imports are being sourced from other routes and new corridors.
Instead of being completely dependent on any one route, India has now started purchasing crude oil from 40 different countries. Its direct benefit is that common people will not have to face shortage of oil and the supply chain will continue to run smoothly. The first shipment arriving safely at Mumbai port has made it clear that India’s trade on the routes connected to Gulf countries is safe.