India, for which Russia has become the main oil supplier, is increasing supplies of diesel and jet fuel to Europe. This is despite the fact that oil tankers still have to take a longer route to EU countries, avoiding the Suez Canal.
Indian refiners are increasing supplies of petroleum products to Europe, both diesel fuel and aviation kerosene. In the six months of the fiscal year, which began in India in April, EU countries supplied 40% more diesel than the previous year: 58.4 million barrels. In the case of aviation fuel, supplies increased 38% to 47.9 million barrels. These data are published by the Ministry of Commerce and Industry of India.
Supplies are growing even though most tankers continue to avoid the Red Sea and Suez Canal due to the threat of Houthi bombing and take a longer route around Africa.
According to the Indian agency, in this year the income of Indian refineries from the export of petroleum products to Europe increased by 36%, up to 11.27 billion dollars in six months.
The main customer for Indian refineries remains the Netherlands, which is an international hub for trade in petroleum products. The country accounts for the largest share of India in both jet fuel and diesel. The next buyer of Indian aviation kerosene is the United Kingdom, and France is the next buyer of diesel fuel. Belgium and Romania have reduced imports of petroleum products from India this year.
Evidently, Indian oil products continue to be one of the most competitive, since their volumes exported to Europe surpassed those of the Americans in the first half of the year.
The supply of Indian oil products has more than once provoked loud statements from European Union politicians, as the country has become one of the largest importers of Russian oil and aviation fuel and diesel fuel for the EU as well. They are produced from raw materials from Russia. . However, refined Russian oil is not subject to sanctions when supplied to EU countries.
“Taking advantage of a loophole in sanctions on oil refining, India has become the largest exporter of petroleum products to the EU. In the first three quarters of 2024, exports to the EU from Jamnagar, Vadinar (in Gujarat) and the new Mangalore refinery, increasingly dependent on Russian oil, grew by another 58 percent year-on-year.” says the latest report from the Center for Research in Energy and Clean Air (CREA).
