Indian Fuel Exports to Sanctioning Countries Surge 43% in September
Indian refineries exported €1 billion worth of oil products to sanctioning nations in September, marking a significant increase from the previous month.
Indian refineries shipped €1 billion in oil products to sanctioning countries, a 43% rise from August.
Reliance's Jamnagar refinery was the primary supplier, despite EU bans on Russian crude-derived fuel.
India remains a major buyer of Russian oil, spending €4.1 billion in September alone.
In September, Indian refineries, particularly Reliance Industries' Jamnagar facility, exported oil products worth €1 billion (approximately $1.2 billion) to countries imposing sanctions on Russia. This figure represents a 43% increase compared to August, as reported by the Centre for Research on Energy and Clean Air (CREA).
The CREA report highlights that the Jamnagar refinery was responsible for six out of seven cargoes delivered to European Union ports during this period, despite the EU's ban on fuel refined from Russian crude. The report also includes data from refineries in Turkiye and Brunei, indicating a significant uptick in exports to the EU, Australia, the US, and New Zealand, with the EU alone importing products worth €667 million.
Among the shipments, Italy received three, Romania two, and Spain and Cyprus one each. The value of exports to EU ports from refineries processing Russian crude surged by 80%, including a notable 104,000-tonne gasoil cargo from Jamnagar headed for Rotterdam. CREA estimates that €295 million of the exported products were refined from Russian crude.
Despite the EU's ban on Russian crude-derived oil products set to take effect in January 2026, the report suggests that current exemptions for net crude exporters do not adequately address the issue. CREA advocates for stricter regulations at the refinery level to prevent products from any facility that has processed Russian crude within the last six months from entering the market.
India's position as Russia's second-largest fossil fuel customer is underscored by its €4.1 billion expenditure on Russian hydrocarbons in September, with crude oil making up 88% of this total. Since December 2022, India has accounted for 37% of Russia's crude exports, trailing only China. Analysts predict that India's crude imports will stabilize between 1.8 and 1.9 million barrels per day in October, reflecting ongoing competition for Russian oil amid tighter supply conditions.
