Kpler sees India fuel exports at 1.55m bpd in July, nearly double May
This digest was compiled by AI from multiple sources — links to the originals are below.
India is on track to export 1.55 million barrels per day (bpd) of refined petroleum products in July, nearly double May's 866,000 bpd, according to commodity analysts Kpler. The surge follows a collapse of the U.S.-Iran ceasefire two weeks ago, which boosted refining margins. Tight Asian fuel markets may see only partial relief as crude supply risks persist.
Export Volumes
India's July fuel exports are projected at 1.55 million bpd, the second-highest in Kpler's data series since 2017. This compares with 866,000 bpd in May, the lowest in four years, when the Strait of Hormuz crisis disrupted crude supplies. The expected volumes would nearly double May's figure.
Refining Margins
Refining margins have rallied after the U.S.-Iran ceasefire collapsed two weeks ago, encouraging Indian refiners to ramp up exports. The tightening fuel markets in Asia and globally have added to the margin recovery. Indian refiners are racing to capture the higher margins amid tight supply.
Asian Market Impact
India's high exports may ease some pressure on Asian fuel markets, but not all, as crude supplies from the Middle East face renewed delay risks. Asian refiners that expected a flood of crude in August now confront potential delivery disruptions. Refiners in the U.S. and Europe operate near capacity, but Asian throughput may not rise as planned.
What's Next
Asian refiners will watch August loading schedules for further disruptions. It remains unclear whether India can sustain elevated exports if crude supply delays worsen.
1 source
Kpler sees India fuel exports at 1.55m bpd in July, nearly double May
