Yet And as Europe ramps US sanctions, India is only going to become more central to a global oil map that’s been redrawn by Vladimir Putin’s year-long war in Ukraine.
India shipped about 89,000 barrels a day of gasoline and diesel to New York last month, the most in nearly four years, according to data intelligence firm Kpler. Daily low-sulfur diesel flows to Europe were at 172,000 barrels in January, the most since October 2021. That will make cheap Russian oil even more attractive to India, which relies on imports to meet around 85% of its crude needs. The nation’s refiners, including state-run processors that are responsible for meeting domestic demand, ramped up exports last year in order to profit from higher international prices.
Under European Union guidelines, India is likely operating within the rules. When Russian crude is processed into fuels in a country outside of the bloc such as India, the refined products can be delivered into the EU because they’re not deemed to be of Russian origin. India hasn’t publicly said if the nation does or doesn’t adhere to the limit, but sanctions have driven oil from the OPEC+ producer below the US$60 a barrel cap.