“India’s Cheap Russian Crude Oil Boosts Fuel Exports to Europe and US”
According to preliminary ship-tracking data from Kpler and Vortexa, the record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports.
Europe usually imports an average of 154,000 barrels per day (bpd) of diesel and jet fuel from India before Russia’s invasion of Ukraine.
For the first time, India displaced Iraq as the top supplier of crude oil to India, with Russian crude oil imports rising for the seventh straight month to end out the fiscal year
As Europe’s ban kept Russian products out, India’s diesel exports to the continent rose 12-16% to 150,000-167,000 bpd in the last fiscal year, the Kpler and Vortexa data showed.