• Monday, October 02, 2023

Business

India takes the lead as Europe’s biggest supplier of refined fuel in April

The exports were predominantly carried out by private oil companies, while state-owned firms did not participate in the shipments

Europe’s reliance on India as a fuel supplier significantly increased following the Russia-Ukraine war in February 2022 (Representative Image:iStock)

By: Kimberly Rodrigues

India emerged as the leading supplier of refined fuel to Europe, in April 2023, surpassing other countries in the market.

Vortexa, an energy cargo tracking system, reported that India exported approximately 406 thousand barrels per day (kbd) of refined fuel to European nations during that month, The New Indian Express reported.

Russia followed closely behind as the second-largest exporter of refined oil to Europe, with exports reaching 365 kbd.

Significant contributions also came from Saudi Arabia, Kuwait, and the USA, with exports of 352 kbd, 211 kbd, and 181 kbd, respectively, in April 2023.

The exports were predominantly carried out by private oil companies, while state-owned firms did not participate in the shipments.

Serena Huang, an analyst at Vortexa, revealed that India exported around 1.38 million barrels per day (mbd) of refined products, including both clean and dirty products, in May 2023.

It was reported that the primary destinations for India’s exports were Australia, the United Arab Emirates (UAE), and Singapore.

Reliance’s Jamnagar refineries stood out as the leading exporter of refined crude among Indian refineries.

Europe’s reliance on India as a fuel supplier significantly increased following the Russia-Ukraine war in February 2022.

In response to the conflict, European countries reduced their dependence on Russian oil and gas imports and imposed sanctions on Russian crude exports.

This shift created an opportunity for India and China to become the largest importers of Russian crude.

India, in particular, emerged as a prominent market for Russian oil in the fiscal year 2023, thanks to attractive price discounts offered by Russia.

Vortexa data reveals that in April 2023, India imported 1678 kbd of Russian crude, and this increased to 1,960 kbd in May 2023.

Alongside Russia, India continued to import crude from its traditional suppliers, including 839 kbd from Iraq, 560 kbd from Saudi Arabia, and 203 kbd from the UAE.

 

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