India has become Europe's largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data from analytics firm Kpler. (Bloomberg)Europe's reliance on Indian crude oil products has grown since the ban on Russian oil. 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, Kpler's data show. Russian crude oil arrivals to India are expected to surpass 2 million barrels a day in April, representing almost 44 per cent of the nation's overall oil imports, according to Kpler data. The price cap kept by the western countries was designed to limit Russian oil revenues while keeping the oil itself flowing to avoid a global price shock.

Source: Hindustan Times April 30, 2023 20:47 UTC