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.
Record high imports of crude oil from Russia in fiscal 2022-23 helpedIndia's refiners boost exports of diesel and jet fuel to Europe as the continentshunned Russian products, preliminary ship-tracking data from Kpler and Vortexashowed.
Access to cheap Russian crude has boosted output and profits at Indian refineries,enabling them to export refined products competitively to Europe and takebigger market share.
Europe typically imported an average of 154,000 barrels per day (bpd) of dieseland jet fuel from India before Russia's invasion of Ukraine.
That increased to 200,000 bpd after the European Union banned Russian oilproducts imports from Feb. 5, Kpler data showed.
India's imports of Russian ...