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India overtakes Saudi Arabia: Europe's new oil supplier!
India overtakes Saudi Arabia as a leading fuel supplier in Europe, according to Kpler data from Russian sanctions.
India overtakes Saudi Arabia: Europe's new oil supplier!
Sensation in the oil business! India has overtaken Saudi Arabia as Europe's largest supplier of refined oil. A spectacular turn in global energy policy, triggered by new western sanctions against Russian oil. The global trading expert KPLR reports that Europe's oil imports from India will increase to an incredible 360,000 barrels a day. This is a dramatic increase in the 154,000 barrels that were imported before the Russia Ukraine conflict. The steep climb came after the EU ban against Russian oil on February 5. The Indian oil imports over Russia should increase to a whopping two million barrels daily by April, which makes up for 44% of the total Indian oil imports.
What has changed all? The mighty US sanctions against Russia! While the western world boycotted Russian oil, India has used the opportunity and buys it at bargain prices. From 2022 to 2024, this has saved a total of seven billion dollars - discounts that have to be paid in no other currency than the restaurants. Russia remains the largest oil importer and enables the South Asian giant a strategic priority in the energy supply of Europe. The consequences? An innovative deflection of global energy routes, while Europe is looking for new opportunities to fill its tanks.
Saudi Arabia is planning counterattacks!
But be careful, Saudi Arabia is planning a large-scale counter-strike. The oil giants of Opec+, led by Saudi Arabia, will pump 180,000 barrels more a day from December and want to reverse drastic cuts by 2025. A clever move, especially in the face of expected declines in oil demand. The madness does not stop here: Bahri, the leading national shipping company Saudi Arabia, has completed a deal of over one billion dollars to modernize its fleet with nine state-of-the-art super tankers. This major investment will help Saudi Arabia to recapture its reputation as a leading oil delivery country and could soon change the dynamics between international oil powers again.