India is Europe's largest exporter of refined oil, surpassing Saudi Arabia

• May 01, 2023

Europe now relies on India to buy refined oil. According to the statistics of Kepler, India is now the largest supplier of refined oil to European countries. Until now, Saudi Arabia was the top supplier of refined oil to European Union countries. India has recently overtaken this Gulf country.

According to some experts, the Russia-Ukraine war created the context of this incident. After the war started, the United States and most European countries imposed a ban on buying oil from Russia. On the other hand, Russia reduced the price of crude oil to maintain the volume of oil exports. India continues to buy cheap oil from Russia, ignoring the objections of Western countries, when the price of crude oil in the world market is gradually rising.

New Delhi decided to export this oil to meet domestic demand as well. According to the study, European countries have become so dependent on India for buying oil that about 360,000 barrels of oil are being exported from India per day. A large part of the experts say that the crisis of the European Union is now two-sided.

As they are looking for alternative oil exporting countries to meet the shortage of Russian oil, they have also taken initiatives to buy crude oil at Russian prices. India is now the immediate solution to both problems for Europe. India has bought oil from Russia before but after the start of the Russia-Ukraine war in February 2022, India increased its oil purchases from Vladimir Putin's country many times.

Russia has emerged as the top importer of crude oil to India, displacing the Gulf countries. Narendra Modi's government decided to export refined oil to Europe suffering from an energy crisis.

Share on Social Media