New Delhi: As it purchases more and more inexpensive Russian oil and refines it into fuel for Europe and the US, India is playing an increasingly significant role in the world’s oil markets. India increased its shipments of diesel and jet fuel to Europe thanks to its substantial imports of crude oil from Russia in the fiscal year 2022–2023 (FY2022).
India imported a staggering 33 times more Russian oil than it did a year earlier
According to a report from January, India imported a staggering 33 times more Russian oil than it did a year earlier, setting a new record. Since the invasion of Ukraine, India has been purchasing Russian oil at a reduced price, making Russia, after surpassing Iraq and Saudi Arabia, its primary oil supplier. Preliminary ship-tracking data from Kpler and Vortexa showed that India’s refiners increased shipments of diesel and jet fuel to Europe as a result of record high imports of crude oil from Russia as Europe shunned Russian products, according to Reuters.
India supplied Europe with an average of 154,000 barrels per day of diesel
The availability of inexpensive Russian crude in India has increased production and earnings at Indian refineries. According to the research, this has allowed them to export refined goods to Europe at a price that allows them to capture a larger market share. According to the Kpler data, France, Turkey, Belgium, and the Netherlands are the top European consumers of Indian diesel. Prior to Russia’s invasion of Ukraine, India supplied Europe with an average of 154,000 barrels per day (bpd) of diesel and jet fuel. After the war began, Europe slapped a number of sanctions on Russia. According to Kpler data, India now supplies 200,000 bpd of diesel and jet fuel to Europe.
India’s exports of diesel to the continent increased 12–16%
The report indicated that India’s imports of Russian oil increased in March for the seventh consecutive month to complete the fiscal year as the top supplier to India, overtaking Iraq for the first time. According to data from Kpler and Vortexa, Indian refiners imported 970,000–981,000 barrels per day (bpd) of Russian oil in 2022–2023, making up more than a quarter of all imports of 4.5–4.6 million bpd. The main Indian refiner Indian Oil Corp (IOC.NS) and Russia’s largest oil producer Rosneft (ROSN.MM) have agreed to a long-term agreement that will significantly boost and diversify the types of oil transported to India. In the most recent fiscal year, India’s exports of diesel to the continent increased 12–16%, reaching 150,000–167,000 bpd. According to the report, that represented around 30% of India’s overall gasoil exports, up from 21-24% a year earlier.
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