Syllabus: GS-III
Subject: Economy
Topic: Trade & External sector.
Issue: Red sea Crisis.
Context: India’s petroleum product exports to Europe hit a low in due to security concerns in the Red Sea region.
Synopsis:
- Security concerns in the Red Sea region forced major shipping companies to avoid the route.
- Instead they chose the longer route around Africa via the Cape of Good Hope.
- Indian fuel exports to Europe now take 15-20 days longer due to the rerouting.
- India emerged as a major fuel supplier to Europe after Europe reduced its reliance on Russian energy imports following Russian invasion of Ukraine.
Prelims Connect:
Red Sea (Places In News):
