Export of petroleum products from India grows as EU bars Russia

New Delhi, Mar 14 (KNN) According to the Directorate General of Commercial Intelligence and Statistics (DGCIS) data, India has witnessed a rise in the export of petroleum products after the European Union’s ban on Russian petroleum products on February 5, The Indian Express reported.

The data pointed out that the refined products exports have risen from 16 per cent to almost 22 per recent.

The DGCI classifies the data by accumulation data of petroleum product exports in 20 international regions. The EU is divided into three regions. European Free Trade Association and other European countries. Asia and Africa are divided into six and five trade regions respectively. 

 Analysts point out that Indian refiners who are obtaining discounted Russian crude oil, rejected by the EU and other Western powers are filling this gap by using the same Russian barrels to send it to the EU markets, reported The Indian Express.

As per reports, the export touched 1.90 million tonnes in January, the highest figure in the first 10 months of the current fiscal in which around 15 per cent of the total petroleum products export were contributed to the EU. 

Vortexa data indicates that Indian import of crude oil from Russia has also increased after the EU ban on Russia after it invaded Ukraine. India has imported a record 1.62 million barrels per day of Russian oil in February registering a 29 per cent increase from January. 

Russia has grown as the biggest source of crude oil supplier for India from a marginal supplier. 

The data shows that Russia is being preferred by Indian refineries over Iraq, Saudi Arabia which is at position two and three in largest sources of crude oil for India.   (KNN Bureau)