In this remarkable reversal of global energy trade, Spain has emerged as a top destination for Indian petroleum products. Money Control reports indicate an explosive export surge as high as 46,000% from a previously negligible base. This huge figure shows that Spain is now one of India's fastest-growing markets for refined fuels.
According to India's Press Information Bureau (PIB), overall exports to Spain grew by as much as 40.33% between April and September 2025.
The total exports to the country as of September 2025 rose by 150.81% compared to the same month last year, with refined petroleum products being the main driver. In July 2025, Spain imported over $98 million worth of refined petroleum from India, making it its top import from the South Asian nation.
The leading cause of this massive import of refined petroleum is driven by the realignment of global geopolitics. The main issue is the ongoing conflict between Russia and Ukraine. The European Union, to which Spain belongs, imposed wide-ranging sanctions following the 2022 invasion on seaborne imports of Russian crude oil and its refined products, such as diesel and jet fuel.
Also Read | Biohaven shares tumble after FDA flags Vyglxia; Here’s what to know about the company’s major setback
According to Money Control, Global Trade Research Initiative’s (GTRI) Ajay Srivastava “attributed the surge to Indian refiners exploiting the rising demand in Iberia and southern Europe for mid-distillates and aviation fuel.”
This created a massive supply vacuum in Europe. At the same time, Indian refiners began importing large volumes of discounted Russian crude. Private refinery giants like Reliance Industries are processing the Russian crude and then exporting the finished, high-value products, such as diesel, gasoline, and jet fuel, back to the European markets, which they no longer can buy directly from Moscow. This trade has effectively positioned India as Europe's new backdoor refiner.
