West Asia war fallout: Oil product exports find many new markets

The ongoing conflict in West Asia has led to a significant shift in India's oil product export markets. Italy and Spain have emerged as the top destinations for Indian oil exports, outpacing traditional markets. Singapore and Tanzania have also shown remarkable growth, breaking into the top 10 importers from India. The country's exports to Singapore have become the third largest, with the value reaching $4.3 billion.

Tanzania and South Africa have also made notable inroads, with exports to Tanzania increasing to 77% from 59% and exports to Sri Lanka doubling to 32%. India had to impose a windfall tax on certain products to curb outward movement due to supply disruptions caused by the war. Among these countries, Spain has seen the most substantial growth, with oil product shipments increasing by a staggering 63-fold, from $4 million to $252 million.

Italy and Singapore also experienced significant growth, with exports soaring from $2 million to $478 million and $4.3 billion respectively.