India is emerging as the world's new "swing supplier" of refined fuels, rapidly redirecting diesel, jet fuel, and gasoline exports to markets facing the biggest shortages. Strong refining capacity and diverse crude imports allow Indian refiners to capitalize on disruptions caused by Russian refinery outages, Middle East conflicts, and tight European fuel markets:
India is on track to export about 1.4 million barrels per day of refined products in July, roughly 50% more than in May:
Those barrels aren't headed to a single destination, either. They’re headed to the highest bidder:
India, which imports nearly 90% of its crude oil, has become a hub for exporting refined products, allowing the country to capitalize on global fuel market disruptions:
This week, New Delhi nearly doubled export duties on diesel and jet fuel while lowering the levy on gasoline exports to ensure more of those barrels are available at home:
