India Becomes Europe’s Largest Supplier Of Refined Fuels

Zaheer Hussain
May 5, 2023
1,504

According to a recent study by analytics firm Kpler, India has become Europe’s top supplier of refined fuels this month, while also purchasing record amounts of Russian crude. Europe’s reliance on Indian crude oil products has increased. This rise can be attributed to the prohibition of Russian oil. According to the data, Europe’s refined petroleum imports from India are expected to exceed 360,000 barrels per day, putting it just ahead of Saudi Arabia.

Why In The News?

A Recent Report By Analytics Firm Kpler Showed India Has Become Europe’s Largest Supplier Of Refined Fuels This Month While Simultaneously Buying Record Amounts Of Russian Crude.

India Beats Saudi As Europe’s Top Refinery Supplier

Kpler Data Has Revealed That India Has Become The Largest Supplier Of Refined Fuels To Europe, Surpassing Saudi Arabia. This Comes As A Result Of Europe’s Reduced Access To Russian Oil And Their Growing Dependence On Indian Crude Oil Products.
Europe Is Set To Increase Its Refined Fuel Imports From India To Over 360,000 Barrels A Day, However, This Ultimately Yields More Demand For Moscow’s Crude, Which Carries Freight Costs.
Russia’s Crude Oil Imports Into India Are Expected To Exceed 2 Million Barrels A Day In April, Making Up Nearly 44% Of India’s Overall Oil Imports. During The Ukraine War, Russia Became A Major Supplier To India After It Offered Oil At Discounted Rates.
In February, Russia Was India’s Largest Crude Oil Exporter By Value, Followed By Saudi Arabia And Iraq. This Comes Despite Western Countries Placing A Price Cap On Russian Oil To Curb Oil Revenues.

India Becomes Europes Largest Supplier Of Refined Fuels

Russia, A Significant Supplier To India

In FY23, Russia Became A Significant Supplier To India For The First Time By Offering Discounted Oil Rates Amid The Ukraine Conflict. Despite The West’s Concerns India Has Taken A Firm Stance And Asserted That It Is Exploring All Options To Ensure Energy Security.
According To Data From The Union Ministry Of Commerce And Industry, Russia Was The Top Exporter Of Crude Oil To India In Terms Of Value In February, Surpassing The Western Price Cap Of USD 60 Per Barrel.
In February, India Imported Crude Oil Worth USD 3.35 Billion From Russia, Followed By Saudi Arabia At USD 2.30 Billion And Iraq At USD 2.03 Billion. The Western Countries Implemented The Price Cap To Restrict Russian Oil Revenues While Maintaining The Flow Of Oil To Avert A Global Price Shock.

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