+
US becomes top buyer of India's refined petroleum goods
OIL & GAS

US becomes top buyer of India's refined petroleum goods

The United States has emerged as the top destination for refined petroleum products from India in the month of November. Notably, most of these goods were processed from Russian crude oil that the Asian country imported at a discount.

The United States imported oil products worth $588 million in November, bringing imports to their highest level this fiscal year. According to experts, imports increased due to increased demand for crude ahead of the US Christmas season.

There has been an increase of 23 per cent in imports of petroleum products by the US as against last year as the country purchased $3.62 billion worth of petroleum products in the eight months to 30 November, 2022. Notably, it was the highest buying by the US in the past five years.

Meanwhile, Russia exported crude oil worth $3.08 billion in November to India, making it the second-largest exporter to the country after Saudi Arabia, a data by the commerce ministry stated.

Not just the US, Europe’s imports of petroleum products from India in November also showed a remarkable increase with Portugal, Belgium and Italy purchases rose by 1,600, 535, and 17 times respectively. Also, the Netherlands, which is considered to be hub for oil storage, bought 45 per cent more petroleum products from India compared to October.

India’s demand for crude oil rose remarkably after the international prices spiked since the beginning of Russia’s invasion of Ukraine. With Russian oil banned in the US and Europe, India has been able to purchase oil at a significant discount.

The Netherlands, in November, imported petroleum products including jet fuel, worth $1.26 billion. The UAE was the second largest buyer of refined products from India, importing products worth $667 million in the same month.

Also Read
Oriano commissions 40 MW captive solar project in Jharkhand and Bihar
The elevated road between Airoli and Katai Naka is 88% completed

The United States has emerged as the top destination for refined petroleum products from India in the month of November. Notably, most of these goods were processed from Russian crude oil that the Asian country imported at a discount. The United States imported oil products worth $588 million in November, bringing imports to their highest level this fiscal year. According to experts, imports increased due to increased demand for crude ahead of the US Christmas season. There has been an increase of 23 per cent in imports of petroleum products by the US as against last year as the country purchased $3.62 billion worth of petroleum products in the eight months to 30 November, 2022. Notably, it was the highest buying by the US in the past five years. Meanwhile, Russia exported crude oil worth $3.08 billion in November to India, making it the second-largest exporter to the country after Saudi Arabia, a data by the commerce ministry stated. Not just the US, Europe’s imports of petroleum products from India in November also showed a remarkable increase with Portugal, Belgium and Italy purchases rose by 1,600, 535, and 17 times respectively. Also, the Netherlands, which is considered to be hub for oil storage, bought 45 per cent more petroleum products from India compared to October. India’s demand for crude oil rose remarkably after the international prices spiked since the beginning of Russia’s invasion of Ukraine. With Russian oil banned in the US and Europe, India has been able to purchase oil at a significant discount. The Netherlands, in November, imported petroleum products including jet fuel, worth $1.26 billion. The UAE was the second largest buyer of refined products from India, importing products worth $667 million in the same month. Also Read Oriano commissions 40 MW captive solar project in Jharkhand and Bihar The elevated road between Airoli and Katai Naka is 88% completed

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?