India buys cheap Russian oil, then converts it to diesel and ships it back to Europe at a premium.
Russian oil is still supplied to European Union countries, but only in the form of diesel fuel produced in India. On Friday, April 28, Bloomberg wrote.
It has been indicated that by December 2022, the EU will ban almost any maritime import of crude oil from Russia. Two months later, he extended the fuel ban. But the rules haven’t stopped countries like India from buying cheap Russian oil, converting it to diesel and shipping it back to Europe at a premium.
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Data from the analytical company Kpler indicates that India is highly likely to become the largest supplier of petroleum products to Europe by the end of April 2023, while receiving an unprecedented amount of oil from the Russian Federation.
“Russian oil is coming back to Europe despite all the sanctions, and India, which is increasing its fuel exports to the West, is a good example of this. Considering that India uses so many barrels of Russia, it is inevitable,” said a senior analyst at Kpler. Victor Katona.
Europe’s fuel imports from India will soon exceed 360,000 barrels per day, ahead of those from Saudi Arabia, according to Kpler. Russian crude oil deliveries to India are expected to exceed 2 million barrels per day in April, accounting for nearly 44% of the country’s total oil imports.
More than half of Russia’s offshore oil supplies are known to have gone to EU and G7 countries before the bloc began cutting purchases in response to Russia’s invasion of Ukraine in early 2022.
India is the leading buyer of Russian Urals oil. The country filled a niche left by European buyers after the introduction of anti-Russian sanctions.
India and China in April this year bought bulk of Russian oil at prices above the price limit of $60 per barrel.
Source: korrespondent
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