Indian refiners including Mukesh Ambani’s Reliance Industries are using cheap Russian crude to try to boost diesel exports, including to destinations such as the EU with sanctions on Russian oil.
Russia in May replaced Saudi Arabia as India’s second-largest supplier of oil behind Iraq. Russian crude exports to India are expected to increase to over 1mn barrels a day in June, according to commodities data and analytics firm Kpler.
The shift means that Indian refiners could effectively replace some of the diesel Europe once bought direct from Russia or from refining Russian crude.
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