September 30, 2024 07:49 GMT
OIL PRODUCTS: India Oil Product Exports to Highest Since March 2022
OIL PRODUCTS
India’s clean oil-product exports rose to the highest since March 2022 driven by a spike in overseas demand amid refinery shutdowns in Europe, according to Bloomberg citing Kpler data.
- Shipments of diesel, gasoline and jet fuel rose about 39% y/y to 1.5mb/d in September. Oil product exports to Africa reached a record 380kbp/d.
- European supplies and exports to Africa have been curtailed due to a cut in processing last month amid refinery maintenance and poor margins.
- “The open diesel arbitrage to Europe has been driven by lower supplies due to the region’s planned and unplanned refinery maintenance,” said Serena Huang at Vortexa.
Source: Bloomberg
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