From the YCMTSU files - India (and probably China) are importing tanker loads of Russian oil – taking a percentage – and selling it to the EU – so much for sanctions!!!

From here 5 days ago:

Europe buying Russian oil via India at record rates in 2023 despite Ukraine war (msn.com)

“The EU’s imports of refined oil imports from India grew to record levels in 2023 at the same time as New Delhi’s imports of Russian crude oil more than doubled year on year.”

Everybody wins!!!

“India became the world’s leading importer of Russian crude oil last year, according to Kpler market data analysed by The Independent, importing an average 1.75 million barrels per day at a 140 per cent increase on 2022.”

Here’s a snapshot of EU oil consumption for the last decade or so from here:

European Union Oil Consumption (ycharts.com)

That trough in 2020 down to 10 million barrels a day  increased to 11 million in 2022  and is probably closer to 14 million bqrrels per day in 2023.

“It has worked two-fold - India has been able to buy cheap oil for its refineries, then it has been able to refine that oil and sell the refined products at full price, and into a market (Europe) that is willing to pay up for them because it desperately needs to replace the loss of Russian material that it has applied sanctions on,” Kpler’s lead analyst Matt Smith, tells The Independent.”

I guess the EU’s oil refineries are losing at least as much money as the Indian oil refineries are making – though I suspect that the Indians are making a lot more than the EU’s losses!

“Around 20 of the 27 EU countries imported refined products from India last year, with the Netherlands accounting for 24 per cent of the total volume.

It was followed by France which accounted for 23 per cent, Romania with 12 per cent and Italy and Spain with 11 per cent each. India also exported refined products like gasoline, jet fuel and diesel to Germany and Belgium with 7 per cent each.”

I wonder which countries impose the highest “Net Zero” diesel taxes. I am betting it is Germany who haqve to compete with Spain who impose smaller taxes, if any.

Onwards!

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