According to analytics firm Kpler India has become Europe’s largest supplier of refined fuels this month. New Delhi is simultaneously buying Russian crude oil too , and somewhere there is a relation between the two events , let us know how.
Europe’s reliance on Indian crude oil products has grown drastically since the ban on Russian oil as Russia used to full-fill 30% of Europe’s oil requirements and after the ban EU looked towards the Middle East , West Africa , Norway , Brazil for oil but it turned out to be an expensive decision as the oil from Russia was much more cheaper, on the other hand India took the opportunity and started importing Russian crude oil and Russia emerges as a major oil supplier to India for the first time in 2022-23 after it stated to offer oil at discounted rates at cheaper rates , India also took a strong stance and said it took all option to achieve energy security.
After USA , China and Russia , India tops the list of oil refining industry with over 70 Million metric tons per annum of refining capacity and as the raw product (Russian crude oil) being cheaper the refined petroleum products became cheaper which ultimately resulted Europe in buying India’s petroleum products. Today Europe’s refined fuel imports from India are set to serge above 360000 barrels a day, just ahead of those of Saudi Arabia.