India Emerges as Europe's Top Supplier of Refined Fuel Amid Sanctions and Stuck Investments.
India has become the largest supplier of refined fuel to Europe in April, surpassing Gulf nations and major producers like the US and China. Europe's reliance on Indian imports is expected to increase above 360,000 barrels per day, a little more than Saudi Arabia. This is due to sanctions on Russia's oil industry, which has cut off direct supplies from Russia and increased demand for Russian crude and more freight charges for Europe. Russia's crude oil export to India is expected to cross two million barrels per day in April itself, amounting to almost 44% of overall Indian crude oil import from Russia.