India overtakes Saudi Arabia: Europe's new oil supplier!

India overtakes Saudi Arabia: Europe's new oil supplier!

Attention, Europe! India has taken over the title of Europe's largest gasoline supplier from Saudi Arabia! Indian oil imports now exceed 360,000 barrels per day, according to recent figures from Kpler. What's behind it? New Western sanctions on Russian oil have prompted Europe to turn to Indian refineries. Before the Russia-Ukraine conflict it was only 154,000 barrels a day, but boom! After the EU ban on Russian oil, imports suddenly jumped to 200,000 barrels per day. In fact, Kpler expects India's imports of Russian oil to soon reach over 2 million barrels a day, a whopping 44% of India's total imports!

But Saudi Arabia is not giving up. OPEC+ under Saudi leadership is not resting and plans to increase oil production by 180,000 barrels a day starting in December. “Comeback is not a foreign word,” seems to be their motto, because they want to reverse previous cuts by 2025. In a $1 billion deal, Bahri, Saudi Arabia's national shipping company, has purchased nine state-of-the-art tankers designed to make transportation even faster. India also saved a whopping $7 billion through cheap Russian oil imports! Well, we just have to wait and see what move the kingdom is planning next. Provides a comprehensive overview of the situation the report on watcher.guru.