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Europe Boosts Diesel Imports from India Amid Russian Oil Ban

Written by: Lukas Braun
Photo by: Cody Rankin at Unsplash

Last update: 27 november 2023

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Europe, which banned most oil shipments from Russia a year ago, is now experiencing a significant increase in diesel imports from India, a major buyer of Russian crude oil. These imports are on track to reach 305,000 barrels per day, the highest level since at least January 2017.

While it's uncertain if all of this diesel originated from Russian oil, Indian refineries have capitalized on Moscow's deliveries to produce ample diesel for export to Europe. The rise in Indian diesel shipments to Europe reflects a shift in the dynamics of oil trading due to Europe's restrictions on Russian oil as a result of the Ukraine conflict.

As Europe seeks alternative diesel suppliers, India is stepping in to fill the gap left by reduced imports from the US, Turkey, and Saudi Arabia. The competitive advantage for Indian refiners lies in their ability to buy Russian crude at discounted rates and sell the resulting diesel in high-demand European markets.

Consequently, Europe's diesel and gasoil imports are expected to increase to 935,000 barrels per day this month, representing a 5% uptick from October, according to data from Kpler. Meanwhile, Russia has encountered growing demand for its crude oil in Asia as Western nations distance themselves from Russian oil supplies.

Source: Bloomberg


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