Russia continues to sell oil to the EU through India

Thanks to record purchases of russian oil, India has increased imports of its own energy carriers to Europe.

Indian oil refiners, who previously rarely bought Rosneft due to high transport costs, in 2022 imported about 980,000 russian barrels per day (b/d). This indicator reaches more than 20% of the total import of energy carriers in the country. The share of raw material receipts from russian federation exceeded imports from Iraq for the first time, Kpler and Vortexa reports say.

Moreover, oil refiner Indian Oil Corp has already signed a long-term agreement with Rosneft to increase supplies, Reuters reports .

Thanks to record high Rosneft imports, India was able to increase sales of its own diesel and aviation fuel to Europe.

Before the full-scale russian invasion of Ukraine, European countries imported an average of 154 thousand b/d of Indian diesel fuel. This year, the import figure reached 200,000 b/d. On average, exports of Indian diesel fuel to Europe increased by 12-16%.

Europe also accounts for about 50% of aviation fuel exports from India — 75,000 b/d. This figure is 40 thousand b/d higher than last year’s imports from India.