Key Points
New Delhi: The volume of Indias petroleum exports to key European markets rose by a staggering 2,53,788 percent between 2018-2019 and 2023-2024, driven up first because of pandemic-induced logistical factors, and then sustained at very high levels following Russias invasion of Ukraine in early 2022...
An analysis by ThePrint of trade data from the Ministry of Commerce and Industry showed that about 15 to 17 European countries featured among the top 100 countries that India exported petroleum products to every year...
According to Federation of Indian Export Organisations (FIEO) director-general and CEO Ajay Sahai, the surge in petroleum exports to European countries during the pandemic year of 2020-2021 was due to the over-supply of oil that year after demand cratered as countries locked down...
In other words, companies located in places like Singapore that were importing petroleum products from India could have relocated their operations to European countries, and, so, Indias exports would have been channelled to those countries instead...
The pandemic-induced factors continued to play out over 2021-22 as well, leading to high exports of Indian petroleum products to European countries...
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