Mumbai: A recent report by analytics firm Kpler showed India has become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude.
The reliance of Europe on Indian crude oil products has surged. This increase can be linked with the ban on Russian oil.
The data also showed that Europe’s refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia.
The development is a double-edged sword for the European Union. On the one hand, the EU needs alternative sources of diesel now that it has cut off direct flows from Russia, which was previously its top supplier. However, it ultimately boosts demand for Moscow’s barrels, and means extra freight costs.
It also means that more competition for Europe’s oil refiners which can’t access cheap Russian crude, and it comes amid wider market scrutiny about where the region’s diesel imports are coming from.
