India has made significant strides in enhancing its reputation as a global player in the petroleum industry, surpassing all Gulf countries in the export of refined petroleum products. This achievement demonstrates India’s leadership potential and establishes its petroleum products as prominent players in the international market.
The Gulf region is globally recognized for its production of petroleum products. Countries such as Saudi Arabia, Kuwait, UAE, Oman, Bahrain, and others have played a significant role in exporting these essential resources worldwide. The petroleum products from these countries play a significant role in the global market and make a substantial contribution to the world’s export of petroleum products.
India has recently achieved a remarkable milestone in the global export market for refined petroleum oils. Surpassing the group of petroleum product exporters in the Gulf region, India now holds an impressive second place in terms of total exported value. The substantial export value amounts to Rs 7.85 lakh crore, representing a significant share of 8.4% in the worldwide market for refined oil exports.
Data from top global exporters highlights India’s significant participation in the international trade of refined petroleum oils. This reinforces its status as a major player in this important sector of the global economy.
In addition, India is home to the Jamnagar Refinery, which is proudly owned by Reliance Industries and holds the title of the world’s largest oil processing facility. This remarkable refinery produces an astounding 1.24 million barrels of oil every day, solidifying its position as an unparalleled leader on a global scale.
India emerged as one of the top exporters in the refined oil industry in 2022, experiencing a remarkable growth rate of 74.7%. It secured the second position, following closely behind the UK, which achieved an impressive 80% growth rate during the same period. In 2022, the top five exporters of refined petroleum oils, namely the United States, India, the Netherlands, Russia, and Singapore, collectively accounted for nearly 40% (39.8%) of the total global value of exported refined petroleum oils.