From The Economic Times · Sanjeev Choudhary · · 1m 20s
India Diesel Exports Reach Year High
India's diesel exports hit a one-year high in September as record margins drive Europe shipments.
In brief
India's diesel exports hit a one-year high in September as record margins drive Europe shipments. India's diesel exports reached 620,000 bpd in September, with nearly half heading to Europe, driven by record margins and refinery disruptions. Originally reported by The Economic Times.
India Diesel Exports
India's diesel exports hit a one-year high of about 620,000 bpd in September, driven by record margins and a sharp rise in shipments to Europe.
Europe Shipments Surge
About 280,000 bpd went to Europe in September, nearly 80% higher than in August, with no shipments to Russia after observed flows in the preceding three months.
Global Diesel Prices
September's benchmark diesel prices were double those of a year ago, driven by refinery and shipping disruptions in West Asia and Russia.
China's Ban on Exports
China banned diesel exports this month due to tight supplies and soaring prices, as G7 countries agreed to release more oil and diesel from storage.
Windfall Tax Impact
A windfall tax of about $37 per barrel erodes global margins for exporters, but the export-only Jamnagar unit of Reliance Industries (RIL) is exempt from this tax.
Future Supply Shifts
Increased supplies from the Gulf and Russia provide Indian refiners with a crude slate supportive of middle distillate production, particularly diesel.
In short
India's diesel exports reached 620,000 bpd in September, with nearly half heading to Europe, driven by record margins and refinery disruptions.
