Russian oil-based fuel has found a backdoor entry into Europe through India, as per reports. Due to Europe’s ban, Russia’s oil products were kept out, which resulted in India’s diesel exports to Europe rising by 12-16% to 150,000-167,000 barrels per day in the last fiscal year.
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Record high imports of crude oil from Russia in fiscal 2022-23 helped
India’s refiners boost exports of diesel and jet fuel to Europe as the continent
shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa
Access to cheap Russian crude has boosted output and profits at Indian refineries,
enabling them to export refined products competitively to Europe and take
bigger market share.
Europe typically imported an average of 154,000 barrels per day (bpd) of diesel
and jet fuel from India before Russia’s invasion of Ukraine.
That increased to 200,000 bpd after the European Union banned Russian oil
products imports from Feb. 5, Kpler data showed.
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India’s imports of Russian crude in March rose for the seventh straight month to
end out the fiscal year as top supplier to India, displacing Iraq for the first time, the
Indian refiners, which rarely bought Russian oil previously due to high transport
costs, imported 970,000-981,000 bpd of it in 2022/23, accounting for more than a
fifth of overall imports at 4.5-4.6 million bpd, Kpler and Vortexa data showed.
Imports from Iraq slipped to 936,000-961,000 bpd from nearly 1 million bpd in
2021/22, the data showed.
According to multiple oil trading and banking sources, India’s oil deals with Russia during the Ukraine War dented decades-old dollar dominance.
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