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Monday, December 4, 2023

India turns Europe’s largest supplier of refined oils : Kpler report


India turns as Europe’s largest refined field supplier on other side buying record amounts of Russian crude shows as per the Kpler’s report.

The reliance if Europe on Indian cruise oil products has surged. The ban of Russian oil can be link for increase. In the data, Imports Around 3,60,000 barrels refined fuel per day to the Europe from India and this will be edging next to the Saudi Arabia.

For European Union it will be very difficult for the development. On the other side, the Europe needs diesel from other sources as they cut off the direct flows from its previous top supplier Russia. Demand for Moscow’s barrels boosts and means the extra costs.

There is more competition for Europe’s oil refiners which they can’t access for the Russian Crude oil, which amid the wider market scrutiny where the diesel imports are comes from. There are expected to surpass two million barrels everyday that Russian crude oil arrivals to India in April which representing 44 per cent of the nation’s oil imports overall, from Kpler data reported by ANI.

After Ukraine war, Russia emerged as the major supplier for the first time for the Financial Year 2023 (2022-2023) to INDIA.From the west they raised despite concerns the imports from Russia to India during the war. But India stands strong for all the options to achieve energies for the security.

By the value in February 2023 in western price cap of USD 60 per barrel Russia was the largest exporter to India of crude Oil, according to Union Ministry of Commerce and Industry of India data reports.

As per report crude oil imports from Russia is at USD 3.35 billion, and next by Saudi Arabia at USD 2.30 billion followed by Iraq at 2.03 billion. Western countries was designed the price caps kept to limit Russian oil revenues while keeping the oil with them flowing to avoid global price shock.


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