INDIA'S INFLUENCE IN GLOBAL OIL PRODUCTS MARKET UP SINCE 2022

India's position as a significant global supplier of refined petroleum products has strengthened since 2022 due to the absence of Russian exports to European markets, leading to increased demand for Asian diesel and jet fuel. The International Energy Agency (IEA) highlighted this trend on Wednesday, also noting that India's oil demand growth is expected to surpass that of China by 2027.

However, the rapid growth in oil consumption and high reliance on imports also underscore the importance of energy security as a critical political priority for New Delhi. This has become especially pertinent in the wake of the global energy crisis and market disruptions following Russia's invasion of Ukraine.

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