Russian Crude Oil, India hit the spot, became a player in the game of oil, buying cheap oil from Russia and selling it to Europe – russian crude oil how russian oil is still powering europe with help of india
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India buying maximum oil from Russia
According to a report, Indian oil refineries have captured the big market of Europe. According to Kpler, a firm that monitors shipping data, jet fuel and diesel were exported from India to European countries at the rate of 154,000 barrels per day before the Russia-Ukraine war. Now it has increased to 200,000 barrels per day. Along with this, an increase in the import of Russian oil has been recorded for the 7th consecutive month in March. India is currently buying maximum crude oil from Russia.
India and China took advantage
Explain that when the war between Russia and Ukraine started, economic sanctions were started on Russia. Russia also started selling crude oil at a discount rate. India and China took advantage of this opportunity. India anyway imports most of its crude oil requirement. India started buying more crude oil. Now this cheap crude oil is reaching Europe. In December last year, the European Union completely stopped the import of any kind of sea-borne crude oil from Russia. Two months later, the import of refined petroleum products coming from Russia was also banned. But this rule did not apply to those countries, which are buying cheap oil from Russia and converting it into petrol and diesel.
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India increased exports
Even after the sanctions imposed by the US and Europe, India is buying crude oil from Russia in huge quantities at subsidized prices. According to a Bloomberg report, after the European Union’s ban on Russia’s petroleum products, India’s refined petroleum products exports to this market have increased continuously. Now on the way to become the biggest supplier here. From April 2022 to January 2023, the export of refined petroleum exported from India to Europe has increased to 11.6 million tonnes. The European market alone accounts for 15 percent of India’s exports of refined petrol products. It has since increased to 22 per cent.
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