Hindi NewsBusinessIndia Surpasses Saudi Arabia With 360,000 Barrels Day Refined Oil Exports To Europe
New Delhi3 minutes in the past
India has become Europe’s largest refined fuel supplier in the month of March. The report of analytics firm ‘Kepler’ states that ‘Europe’s dependence on Indian crude oil products has increased. On the other hand, India is buying crude oil from Russia in record quantity.
According to Kepler, Europe is buying an average of 3.60 lakh barrels of refined fuel every day from India. Refined fuel is a petroleum product that is prepared after amoetization of crude oil. Diesel and petrol are examples of this.
Europe’s increased dependence on India
The Kepler report shows that Europe’s dependence on Indian crude oil has increased since the embargo on Russian fuel. Meanwhile, Russian crude oil imports to India are expected to reach an average of 2 million barrels per day in April, accounting for about 44% of the country’s total oil imports.
Russia became India’s main crude supplier
Since the Russia-Ukraine war that started on 24 February 2022, India has been buying crude oil from Russia at cheaper rates. For the first time in the financial year 2022-23 (FY23), Russia has emerged as the major crude oil supplier to India.
During the war, western countries also lodged a protest regarding this crude oil trade, but it did not affect the business between India and Russia.
European countries boycotting Russia
European countries are boycotting Russia because of the ongoing war between Russia and Ukraine. Europe banned Russian crude oil in December last year. Before this ban, European countries used to buy about 30% of their crude oil requirement from Russia.
However, now Russia’s crude oil is reaching European countries through India. India is buying crude oil from Russia and selling it to European countries, due to which the fuel refineries here are expected to make huge profits.
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