Indian refiners’ fuel exports to the West are rising fast. Refineries in India, Türkiye and Brunei that process Russian crude sold €1.0bn of oil products to sanctioning countries in September. That is a 43% jump on August, according to the Centre for Research on Energy and Clean Air (CREA).
Who bought the fuel
The EU was the biggest buyer, at €667m. Australia came next with €168m. Meanwhile, the US took €154m and New Zealand €19m. CREA estimates that €295m of these products were made from Russian crude.
In addition, Reliance Industries’ Jamnagar refinery supplied six of the seven cargoes that unloaded at EU ports. This matters because the EU bans fuel made from Russian crude. Jamnagar also sent the largest US-bound shipments, worth €122m, PTI reported.
Indian refiners fuel exports and Russian crude imports
At the same time, India bought less Russian crude. Imports fell 13% month on month in September. It was the second monthly fall in a row, CREA said. Jamnagar’s intake dropped 27%. As a result, Vadinar overtook Jamnagar as India’s largest buyer of Russian crude.
What to watch
So the key test now sits in Brussels. If the EU tightens checks on cargoes from these refineries, Indian exporters could lose a valuable market.
For wider context, our analysis of Strait of Hormuz flows and Asian crude arrivals explains why India’s crude sourcing keeps shifting.
