The displacement of Russian fuels away from Europe the major reason that led to the spurt in Indian fuel exports to the continent in the aftermath of the Ukraine invasion also continues to play a role in the equation.
Indian Diesel Exports: Winter demand and the absence of Russian supplies allowed India s diesel exports to rise 42% yoy basis to Europe. The overall exports rose 17% YoY to 637,000 bpd. In December, the domestic consumption of diesel again fell 2.5% year-on-year but was just about 1% higher than in November.
Winter demand and the absence of Russian supplies allowed India s diesel exports to rise 42% yoy basis to Europe. The overall exports rose 17% YoY to 637,000 bpd. In December, the domestic consumption of diesel again fell 2.5% year-on-year but was just about 1% higher than in November.
India s diesel exports to Europe reached a record high in September, driven by arbitrage profits and a seasonal decline in domestic demand. The surge in exports will help Europe build commercial stockpiles ahead of the winter heating season and limit price gains. However, experts predict that export volumes are unlikely to continue at the same level in October. The east-west arbitrage spread has narrowed in recent weeks, and ongoing refinery turnarounds and peak Diwali festive season demand are expected to impact export volumes.
India’s diesel exports to Europe in September were at around 333,000 barrels per day (bpd), up nearly 47 per cent from August export volumes, and 57 per cent higher on a year-on-year basis, according to Vortexa data.