Oil’s new map: How India turns Russia crude into the West’s fuel

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India is meeting the West’s goals of crimping Moscow’s energy revenue while preventing an oil supply shock. Read more at straitstimes.com.

NEW DELHI - India is playing an increasingly important role in global oil markets, buying more and more cheap Russian oil and refining it into fuel for Europe and the US.

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.fresh European Union sanctions on Russian petroleum exports take effect Sunday.

“India is a net exporter of refined product and much of this will be going to the West to help ease current tightness,” said Mr Warren Patterson, Singapore-based head of commodities strategy at ING Groep NV. “It’s pretty clear that a growing share of the feedstock used for this product originates from Russia.”

A key facet of the mechanism to crimp revenues to the Kremlin and keep some oil on the market has been a price cap on Russian crude, a measure that was spearheaded by the US. 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.

Source: Energy Industry News (energyindustrynews.net)

 

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