India, US refiners reap record fuel export profits as wars cut supply

AI digestMimile.ai EditorialAugust 19, 2026 at 03:05 PM

This digest was compiled by AI from multiple sources — links to the originals are below.

India, US refiners reap record fuel export profits as wars cut supply

India and U.S. refiners are capturing record fuel export volumes as wars in Iran and Ukraine disrupt global supplies and lift prices. U.S. distillate exports hit a record 1.9 million barrels per day in the week ended Aug. 7, while Indian plants such as Reliance and Nayara are acting as Asia's swing supplier.

Key Facts

U.S. clean petroleum products exports hit a record in July, Kpler data showed.
U.S. distillate fuel exports reached a record 1.9 million barrels per day in the week ended Aug. 7, government data showed.
Global refining throughput fell to 89 million barrels per day in July, down 5 million bpd from a year earlier, according to the IEA.
Indonesia's August gasoline consumption rose to 11-12 million barrels from 9-10 million in July, a Singapore-based trader said.
Brazil's diesel imports from the U.S. rose to 196,000 bpd in July, more than double June, after Moscow extended a fuel export ban to January 2027, Kpler data showed.

Export Surge

Indian and U.S. refiners have ramped up exports to nations that previously relied on Middle Eastern and Russian barrels. U.S. distillate exports hit a record 1.9 million barrels per day in the week ended Aug. 7, government data showed. Jet fuel exports of 443,000 bpd were just shy of the May record of 455,000 bpd. India will continue to act as Asia's swing supplier when regional markets tighten, said Lin Ye, a vice president at Rystad Energy.

Buyer Demand

Indonesia, Asia's largest gasoline buyer, kept imports firm with August consumption of 11-12 million barrels, up from 9-10 million in July, a Singapore-based trader said. Rystad estimates Indonesian fuel demand to average around 636,000 bpd in the third quarter and 641,000 bpd in the fourth, compared with an annual average of 631,000 bpd in 2025. Wood Mackenzie expects Indonesia's fuel demand to be about 690,000 bpd this year because its subsidized market was less affected by the crude price shock. U.S. fuel exporters have focused on Europe, Latin America and other regions that previously relied on Middle Eastern and Russian barrels, Kpler data showed. Brazil imported 196,000 bpd of diesel from the U.S. in July, more than double June, after Moscow extended a fuel export ban to January 2027.

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India, US refiners reap record fuel export profits as wars cut supply

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Reuters Business

Politics

US refineries at 95% utilization for 11 weeks, longest since 1997

U.S. refineries have run above 95% utilization for 11 straight weeks, the longest stretch in over 25 years, as they chase record margins after the Iran war shut the Strait of Hormuz. Global refinery throughput fell to 81 million bpd in July, nearly 6% below last year, according to the IEA. The U.S. has responded with record fuel exports, but the sustained high runs raise the risk of major equipment failures.

Finance

India's crude import bill jumps 60% as Hormuz freight rates quadruple

India's crude oil import bill surged 60% in the April-June quarter from a year earlier as freight rates from the Persian Gulf to India quadrupled after Iran closed the Strait of Hormuz on February 28. War-risk insurance for a single Hormuz voyage jumped to as much as $10 million from $250,000 before the war. The cost of shipping crude from Ras Tanura to India rose 411% to $4.34 a barrel in August.

Finance

India's refined product exports surge to ease Asia fuel crisis

India's exports of light and middle distillates are expected to reach 1.55 million barrels per day in July, nearly double May's level, according to Kpler. The surge helps offset lower shipments from Middle Eastern and Russian refineries amid the Strait of Hormuz disruption. India has boosted imports of Russian crude after sanctions were waived, enabling higher refinery output.

Finance

Kpler sees India fuel exports at 1.55m bpd in July, nearly double May

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.

India, US refiners reap record fuel export profits as wars cut supply

Key Facts

Export Surge

Buyer Demand

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