Exports of fresh oil-product exports from India jumped to their highest since March 2022 as refinery shutdowns in Europe led to a spike in demand from abroad consumers, together with nations in Africa.
Shipments of diesel, gasoline and jet gas from the world’s fourth-largest refiner swelled to 1.5 million barrels a day in September, up about 39% on-year, based on Kpler information.
Whereas India is a significant crude-oil importer — the place refiners are largely configured to service home consumption — non-public processors additionally service substantial abroad necessities. Final month, European refiners reduce processing resulting from upkeep and poor margins, limiting native provides and hitting their exports to Africa.
“The open diesel arbitrage to Europe has been pushed by decrease provides because of the area’s deliberate and unplanned refinery upkeep,” mentioned Serena Huang, head of APAC evaluation at Vortexa.
Amongst flows from India, product exports to Africa hit a a report 380,000 barrels a day, based on Kpler information.
