India profits from Russian oil

India has imported more than 480 million barrels of cheap Russian oil since the invasion of Ukraine, refining it into diesel and jet fuel and shipping it to Europe at a mark-up

  
India imports of Russian crude oil
(million barrels per day) 

Jan 2022: 67,500 bpd
Feb 24: Russia invades Ukraine
Jun: 1.1m bpd
Dec 5: EU ban on Russian seaborne crude imports takes effect
Jan 2023: 1.4m bpd
Feb: 1.8m bpd 
Apr: 2.1m bpd

2.0
1.5
1.0 
0.5
0
	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
	2022						2023

India’s average exports of diesel and jet fuel to Europe since Feb 2022: 242,000 bpd

Jet fuel 75,000 bpd
Diesel 167,000 bpd
  
 
Indian refiners splitting windfall profits from Russian oil
                                                                         
Reliance Industries: World’s largest refining hub, owned by billionaire Mukesh Ambani (above) – India’s richest man

Nayara Energy: Part-owned by Russia’s oil major Rosneft. Nayara and Reliance account for more than half of total imports from Russia since Ukraine invasion

IndianOil Corporation: Public sector giant accounts for 35% of India’s refining capacity
         
Bharat Petroleum: State-run company is India’s second-biggest refiner

Hindustan Petroleum: Refining capacity of 357,000 bpd
         

Sources: Bloomberg, Economic Times, Kpler, Reuters 
Picture: Getty Images 
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