India’s petroleum exports to various European markets have seen an extraordinary increase of 2,53,788 per cent in volume between 2018-2019 and 2023-2024. This surge was driven by logistics challenges during the COVID-19 pandemic and the geopolitical impact of Russia’s invasion of Ukraine in early 2022, which boosted demand for Indian petroleum in Europe.
In terms of value, India’s exports to these countries grew by 250 per cent. According to trade data from the Ministry of Commerce and Industry, around 15 to 17 European nations consistently rank among the top 100 countries to which India exports petroleum products each year.
The Netherlands leads the list of European countries importing petroleum from India. In 2018-2019, the Netherlands imported 9,740.51 metric tons (MT) of petroleum products, a figure that surged to 24.73 million metric tons by 2023-2024. In terms of value, imports from India grew from $5.9 billion (Rs 489.7 billion) in 2018-2019 to $20.5 billion (Rs 1,703.5 billion) in 2023-2024.
Apart from the Netherlands, a diverse range of European countries also play a significant role in importing petroleum. This group includes major economies such as the United Kingdom and France, alongside other notable importers like Romania, Switzerland, and Russia. The list continues with Spain, Belgium, and Norway, as well as Eastern European nations such as Poland, Bulgaria, and Slovenia. Greece and Ukraine further contribute to the demand for Indian petroleum. Additionally, Germany, Portugal, and Finland are key players in this sector.
These European countries, along with the Netherlands, are critical to India’s petroleum export market. For the financial year 2023-24, they were all featured among the top 100 export destinations for Indian petroleum products. This top 100 list is particularly important as it represents a substantial portion of India’s petroleum exports, accounting for over 90 per cent of the total. This highlights the significant reliance of these European nations on Indian petroleum and underscores the strategic importance of these export markets for India’s energy sector.
