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There is no origin label for oil. It is quite possible that vehicles in Europe will once again be filled with fuels of Russian origin. Because it seems Russian oil continues to power Europe’s cars with the help of India. This is despite the fact that the European Union (EU) banned almost all crude oil imports from Russia by sea in December. Two months later, the import ban was extended to include refined fuels. But import bans in no way stopped the flow of Russian oil to Europe. Oil finds its way to Europe by other means. Specifically: about India.
“EU sanctions do not prevent countries like India from snatching cheap Russian crude, converting it into fuels like diesel, and shipping it to Europe at high fees,” Bloomberg news agency reported. “The Asian country is on track to become Europe’s largest supplier of refined fuels this month, while also buying a record amount of Russian crude.”
Despite all the sanctions, Russian oil is finding its way back to Europe. This is illustrated by data from commodity analysis firm Kpler, which Bloomberg is evaluating. This analysis is based on data compiled by Bloomberg from analytics firm Kpler. The leading European buyers of Indian petroleum products are France, Belgium and the Netherlands. Europe accounts for about half of India’s kerosene exports, according to Kpler data.
Fully legal business of india
Europe’s refined fuel imports from India will soon reach over 360,000 barrels per day, surpassing Europe’s imports from Saudi Arabia, according to Kpler data. According to Kpler, Russia’s crude oil exports to India in April are expected to exceed 2 million barrels per day, accounting for about half of India’s total oil imports.
“Access to cheap Russian crude has increased production and profits at Indian refineries,” Reuters reports. This enables Indian suppliers to competitively export refined products to Europe and gain larger market shares.
In March, Russia’s largest oil producer Rosneft and India’s leading refiner Indian Oil Corporation signed an interim agreement to ship significantly more petroleum products to India. Prior to the war in Ukraine and the sanctions imposed, India hardly bought any crude oil from Russia due to high shipping costs, while the EU and G7 countries were buyers of more than half of Russia’s oil supply. (cut)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
