US becomes top buyer of India's refined petroleum goods

16 Jan 2023 CW Team

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.

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