Not Saudi Arabia, US Or China, This South Asian Country Becomes Largest Supplier of Refined Fuel To Europe

Since Russia’s invasion of Ukraine and sanction on Moscow’s oil economy, Europe has been largely reliant on crude oil products from India. The Kpler report also suggests that the Europe’s dependency from Indian imports is only likely to increase above 360,000 barrels per day.

Europe’s Reliant on India

Since Russia’s invasion of Ukraine and sanction on Moscow’s oil economy, Europe has been largely reliant on crude oil products from India.

The Kpler report also suggests that the Europe’s dependency from Indian imports is only likely to increase above 360,000 barrels per day, a little more than Saudi Arabia, said a report in ANI.

However, this latest development is only likely to cost Europe more as it has cut off direct supplies from Russia. This also leads to more demand for Russian crude and more freight charges for Europe.

Also, this will throw more challenges to local refiners in Europe who are unable to get access to cheap oil supplies from Russia.

Advantage India

As there are least chances of a long-term ceasefire in Ukraine-Russia war, the sanctions on Russian oil industry are likely to continue. However, Russia is expected to continue it crude oil export directly or indirectly to India and other nations.

Russia’s crude oil export to India is expected to cross two million barrels per day in April itself. This amounts to almost 44 per cent of overall Indian crude oil import from Russia.

India Defies Western Pressure

In 2022-23, Russia has emerged as a major crude oil exporter to India. This happened after Russia started supplying oil to India at discounted rates. Despite pressure from US and Western countries, India has refused to heed to their warnings to not but Russian oil.

As per data from Union Ministry of Commerce and Industry, Russia emerged as the largest exporter of crude to New Delhi by value in February despite a western price cap of USD 60 per barrel.