Kpler data has revealed that India has become the largest supplier of refined fuels to Europe, surpassing Saudi Arabia. This comes as a result of Europe’s reduced access to Russian oil and their growing dependence on Indian crude oil products. Europe is set to increase its refined fuel imports from India to over 360,000 barrels a day, however this ultimately yields more demand for Moscow’s crude, which carries freight costs.
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The Western countries implemented the price cap to restrict Russian oil revenues while maintaining the flow of oil to avert a global price shock.
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