According to statistics from Analytics Company Kpler, India has overtaken the United Kingdom as Europe's top provider of refined fuels this month while also purchasing record amounts of Russian crude.
Since the ban on Russian oil, Europe has become more dependent on products made from Indian crude oil. According to Kpler's figures, European Union imports of refined fuel from India are expected to reach 360,000 barrels per day, passing Saudi Arabia's.
For the European Union, the development has both advantages and disadvantages. On the one hand, now that it has cut off direct shipments from Russia, which was formerly its biggest supplier, the EU needs new sources of fuel.
In the end, though, it results in increased demand for Moscow's barrels and higher freight prices.
Additionally, it increases competition for European oil refiners who are unable to access cheap Russian crude, and it coincides with increased market vigilance regarding the origin of the region's imports of diesel.
According to Kpler data, India's daily imports of Russian crude oil are predicted to reach over 2 million barrels in April, accounting for about 44% of the country's total oil imports.
According to
export import data from the Union Ministry of Commerce and Industry, despite the western price restriction of USD 60 per barrel, Russia was the leading exporter of crude oil to India by value in February.
In February, Russia imported $3.35 billion worth of crude, followed by Saudi Arabia ($2.30 billion) and Iraq ($2.03 billion). However, the western nations maintained a price restriction on oil in order to keep Russian oil profits in check while preventing a sudden spike in oil prices.
