How fuel exporters in India, US are benefitting amid oil supply disruptions
With their own operations unaffected by attacks or shipping restrictions, refineries in India and the US have increased exports to markets that previously depended heavily on supplies from the Middle East and Russia.
Global fuel disruptions due to Middle East and Russia-Ukraine conflicts have benefited oil refiners in India and the US. These refiners are reaping significant profits from increased exports of refined fuel. With global refinery throughput down to around 89 million barrels per day, demand remains strong at over 100 million barrels per day.
India and the US are exporting to markets that previously relied heavily on supplies from the Middle East and Russia. Analysts predict this trend will continue as long as traditional supply routes remain disrupted. India's role as a swing supplier for regional markets is supported by high operating rates at export-oriented refineries.
US refiners have also increased overseas sales, with exports reaching a record 1.9 million barrels per day. Indonesia, the largest gasoline buyer in Asia, is expected to consume around 11-12 million barrels in August, up from 9-10 million in July. US refiners are focusing on European, Latin American, and other markets that had previously imported Middle Eastern and Russian oil.
However, Chinese competition could pose a challenge as China begins easing restrictions on fuel exports. In India, consumption is expected to increase over the coming decade, meaning more of the country's refined fuel output will be absorbed domestically.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
