Europe is increasingly dependent on India for diesel.

Europe is increasingly dependent on India for diesel. Europe banned the purchase of crude oil from Russia almost a year ago And because of this, there is now a shortage of diesel in Europe So Europe is turning to India to meet its domestic needs. Diesel exports from India to Europe have crossed 3 lakh barrels per day.

India is the world’s third largest energy importer, and buys more than 80% of its crude oil from international markets. According to July data from S&P Global, India’s crude oil sources come largely from the Middle East and Russia.

Russia was followed by Iraq, which supplied 1.01 million barrels and Saudi Arabia, which sold 790,000 barrels. India depends on imports for 80% of its crude consumption. Ramping up oil imports from Russia offers India three benefits: curbing inflation, improving its trade balance and diversifying supply.

However, India is one of the largest buyers of Russian crude oil Europe is importing diesel from India. Thus, Russian diesel is reaching European countries through India. However, no one is ready to openly claim that Russian diesel is reaching Europe. Because India is also buying crude oil from other countries.

Europe is increasingly dependent on India for diesel.
Photos Credit Google

It is then distilled into diesel at a refinery in India Mumbai-based Naira Energy Ltd bought about 60 percent of its total crude oil imports from Russia last year, according to reports. The company exports diesel to Europe. Apart from this, Reliance Industries Limited is also exporting diesel to Europe Reliance also buys a third of its requirements from Russia The ongoing war between Ukraine and Russia has had a major impact on oil trade.

Russian diesel was Europe’s lifeline. Most of the diesel in Europe was coming from Russia However, following the ban, industrial and transport sectors in Europe are facing diesel shortages. Due to this, Europe was looking for alternatives to import diesel from many places including India. Apart from India, oil also goes to Europe from America, Turkey and Saudi Arabia.