According to data analytics company Kpler, India secured its position as Europe’s top supplier of refined fuels this month by purchasing significant amounts of crude oil from Russia. Since the ban on Russian oil, there has been an increase in demand for Indian crude oil due to Europe’s reliance on India.
India is predicted to import more than 360,000 barrels of refined fuel every day, putting it just ahead of Saudi Arabia. According to sources, this is seen as a two-edged sword for the European Union.
The European Union is in need of alternate sources of diesel, which was formerly primarily imported from Russia but whose supplies have now been reduced. However, it led to a rise in Moscow’s barrel demand and an increase in freight costs.
The reports further stated that there will be increased competition for European oil refiners that have access to cheaper Russian crude. Regarding diesel imports and its country of origin, it is likewise under market monitoring.
In April, it’s anticipated that Russian crude oil imports would surpass the 2 million barrel threshold, representing a 44% increase in global oil imports. Kepler data were reported.
Russia became one of the main suppliers to India in the fiscal year 2022–2023 because it began selling oil at a lower price while at war with Ukraine.
India has also taken a strong stance, stating that all possibilities have been taken into account in an effort to establish stability in the energy sector.
According to the Union Ministry of Commerce and Industry, Russia was India’s largest crude oil supplier in terms of value in February, despite the Western price cap per barrel being set at USD 60.
The imports from Russia totaled USD 3.35 billion, followed by USD 2.30 billion and USD 2.03 billion from Saudi Arabia and Iraq, respectively.