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India set to nearly double July refined fuel exports as margins jump
India is projected to ship as many as 1.55 million bpd of light and middle distillates in July, versus 866,000 bpd in May amid Strait of Hormuz disruptions.
OilPrice, citing data from commodity analysts Kpler, reports India is on track to export the highest volume of refined petroleum products in months in July as refining margins have risen following the re-escalation of the Middle East conflict.
The expected July shipments are estimated at as many as 1.55 million barrels per day of light and middle distillates, which would be nearly double the 866,000 bpd India exported in May when the Strait of Hormuz crisis hit crude supplies to India and the rest of Asia.
The report says May marked India’s lowest fuel exports in four years, while tighter fuel markets across Asia and globally helped revive the rally in refining margins after the U.S.-Iran ceasefire collapsed two weeks ago.
While higher Indian export volumes in July could help ease pressure on the Asian fuel market, the article adds that Middle East crude supply remains at risk of delays, and refiners that planned for more crude deliveries in August may face disruptions if hostilities intensify.
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