India became Europe’s largest fuel supplier, a golden opportunity emerged from this disaster?

The Russia Ukraine War, which has been going on for more than a year in Eastern Europe, has affected the whole world. New equations have emerged especially in the matter of economy and trade. On one hand this crisis has caused shortage of food and drink for many countries, on the other hand some countries have also benefited. If we talk about India, in the midst of the ongoing crisis, our country has emerged as the largest supplier of fuel to Europe.

India’s purchases from Russia increased

Citing data from analytics firm Kepler, news agency ANI has said in a latest news that India has emerged as the largest supplier of refined fuels to Europe during the month of April. This change has happened at a time when India is procuring a record amount of crude oil from Russia on one hand.

Due to this increased dependence on India

In February last year, Russia attacked its neighboring country Ukraine. Since then, the war continues in Eastern Europe till now. Due to this attack, many major economies of America and Europe have imposed economic sanctions on Russia, as well as reduced trade relations with Russia. Europe has been dependent on Russia for fuel. In the changed situation, Europe has stopped buying refined fuels from Russia, so its dependence on India has increased to meet its energy needs.

Average purchase per day

According to Kepler data, Europe bought an average of more than 3.60 lakh barrels of refined fuel from India every day during the month of April. This figure is more than the average purchase made from Saudi Arabia. Refined fuel is a petroleum product that is prepared after refining crude oil. Conventional fuels like diesel and petrol are examples of this.

This contradiction in front of Europe

This figure of trade is good for India, as it is helping in boosting exports and bridging the gap of trade imbalance. On the other hand, this creates a contradiction for Europe, because somewhere Russia’s crude oil is also being refined and reaching it from India in the form of diesel. To put it plainly, Europe may have stopped or reduced the purchase of diesel directly from Russia, but its diesel consumption is still bringing huge money to Russia’s coffers.

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