Russian Oil Still Powering Europe’s Cars With Help of India

India is importing record amounts of Russian crude oil and simultaneously becoming Europe's top fuel supplier, as the EU needs alternative sources of diesel after banning almost any seaborne crude oil imports from Russia.

April 28, 2023 . 1:07 PM

1 min read

EU cut off direct flows of Russian crude oil in Dec 2022, but India has been buying record amounts of Russian crude and exporting refined fuels to Europe at a markup.
Europe's reliance on Indian oil products has grown since the Russian ban.
Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia.
Russian crude oil arrivals to India are expected to surpass 2 million barrels a day in April, representing almost 44% of the nation's overall oil imports.
The development ultimately boosts demand for Moscow's barrels and means extra freight costs.