This Month India has registered its position as the largest supplier of refined fuels in Europe while buying crude Oil from Russia in huge quantities, said data analytics firm Kpler. The demand for Indian crude oil has grown in terms of Europe’s reliance on India since the ban on Russian Oil.
The imports of refined fuel from India are expected to touch the number of more than 360,000 barrels per day, which would be just ahead of Saudi Arabia, said the data. This is considered a double-edged sword for the European Union, reports added.
There is a demand for alternative sources of diesel in the European Union, which used to be imported from Russia mainly, but now it has cut the supplies. However, it resulted in increasing the demand for barrels in Moscow and also meant more freight costs.
The reports also added that it also reflects that there would be more competition for the oil refiners from Europe which can access Russian crude, which is cheaper. It also faces market scrutiny regarding the imports of diesel and its origin.
The imports of Russian Crude Oil are expected to cross the mark of 2 million barrels per day in April, which would reflect the overall oil import with 44 per cent. Reported the Kepler data. In the financial year 2022/23, Russia emerged as one of the major exporters to India after it started exporting Oil at less rates during the war with Ukraine.
Furthermore, India has been taking a firm and strong stand and outlined that all the options have been considered in order to achieve security in the energy sector. In February, Russia was the largest supplier of crude oil to India in terms of value while having the Western price cap per barrel at USD 60, said the Union Ministry of Commerce and Industry data.
The imports from Russia stood at USD 3.35 billion, which was followed by the USD 2.30 billion from Saudi Arabia and USD 2.03 billion from Iraq, respectively.